FTSE 100 movers: G4S boosted by RBC note; Kingfisher takes a hit
(ShareCast News) - London's FTSE 100 was down 0.4% to 7,370.90 in afternoon trade on Friday.
Banking stocks gained, tracking their European peers as ECB policy makers agreed that the next step should be a reduction in quantitative easing. Barclays and Lloyds were both on the front foot.
Security services firm G4S was higher after RBC Capital Markets reiterated its 'outperform' rating and 385p price target on the stock. It noted the shares have fallen 15% relative to the FTSE100 since the first half results and said this was overdone and makes for an a buying opportunity for the longer term. "We see quality of earnings and cashflow continuing to improve with good organic growth prospects and a margin story."
On the downside, retailers Kingfisher and Marks & Spencer were in the red as Deutsche Bank cut its price targets on the stocks to 325p from 355p and to 345p from 360p, respectively as it took a look at UK non-food retail.
Traders also reckoned that B&Q owner Kingfisher was hit by read-across from a profit warning by AIM-listed double glazing group Safestyle.
Safestyle issued its second profit warning since July, saying its order intake had declined "beyond the board's expectations" as consumers became increasingly cautious, with installations down 18% in June and July compared to 2016.
Housebuilders Persimmon and Taylor Wimpey retreated after data from the Office for National Statistics showed UK construction output fell for the fourth month in a row in July, with residential housebuilding declining after a strong couple of months.
Barclays (BARC) 188.10p 2.23%
Coca-Cola HBC AG (CDI) (CCH) 2,658.00p 1.03%
Lloyds Banking Group (LLOY) 63.69p 0.97%
Tesco (TSCO) 187.80p 0.72%
G4S (GFS) 280.00p 0.72%
St James's Place (STJ) 1,126.00p 0.72%
International Consolidated Airlines Group SA (CDI) (IAG) 594.00p 0.59%
Worldpay Group (WPG) 413.80p 0.51%
Smith & Nephew (SN.) 1,397.00p 0.50%
Intertek Group (ITRK) 5,025.00p 0.50%
Kingfisher (KGF) 286.90p -3.98%
Marks & Spencer Group (MKS) 318.40p -2.69%
Persimmon (PSN) 2,535.00p -2.09%
Taylor Wimpey (TW.) 193.90p -2.07%
Fresnillo (FRES) 1,641.00p -1.85%
Babcock International Group (BAB) 808.50p -1.82%
Provident Financial (PFG) 774.50p -1.78%
Next (NXT) 4,301.00p -1.76%
Antofagasta (ANTO) 1,029.00p -1.72%
BHP Billiton (BLT) 1,433.00p -1.68%