FTSE 100 movers: Provident Financial rallies but AB Foods drops on profit-taking
(ShareCast News) - London's FTSE 100 was up 0.4% to 7,407.45 in afternoon trade on Monday.
Provident Financial was on the front foot following a Telegraph story over the weekend suggesting the subprime lender is planning big changes to its controversial doorstep lending business as it looks to reverse a restructure that prompted profit warnings.
British Land was boosted by an upgrade to 'buy' from 'hold' at Deutsche Bank, which lifted its price target on the stock to 660p from 590p.
"The portfolio is now weighted towards the less volatile West End and the near-term development pipe adds meaningful portfolio income. Recent disposals above book value and subsequent buybacks highlight good capital management and we increase our forecasts to reflect our positive outlook:"
AstraZeneca gained ground after it reported recent trial findings for two of its lung cancer drug candidates, claiming both Imfinzi and Tagrisso had shown positive effects in the PACIFIC and FLAURA trials.
Insurer Legal & General advanced on news that Hurricane Irma has been downgraded from a Category 4 to a Category 1.
On the downside, Associated British Foods retreated after a trading update. The company said group operating profits will be "well ahead" of last year after its Primark clothing arm was able to reduce levels of price promotion, with the sugar business also adding a hefty spoonful to the bottom line. Traders attributed the drop in the share price to profit-taking, noting the stock hit a 12-month high at the start of the month.
Randgold Resources and Fresnillo were trading lower as precious metals lost their safe-haven appeal as a 'risk on' mood returned to financial markets.
Provident Financial (PFG) 820.00p 3.14%
easyJet (EZJ) 1,179.00p 1.99%
Carnival (CCL) 5,125.00p 1.79%
British Land Company (BLND) 609.00p 1.67%
AstraZeneca (AZN) 4,869.00p 1.65%
TUI AG Reg Shs (DI) (TUI) 1,342.00p 1.59%
Legal & General Group (LGEN) 257.80p 1.50%
G4S (GFS) 285.80p 1.49%
3i Group (III) 944.00p 1.45%
International Consolidated Airlines Group SA (CDI) (IAG) 602.00p 1.43%
Associated British Foods (ABF) 3,163.00p -3.12%
Randgold Resources Ltd. (RRS) 7,980.00p -1.78%
Fresnillo (FRES) 1,595.00p -1.60%
Micro Focus International (MCRO) 2,392.00p -1.32%
Barclays (BARC) 185.45p -1.15%
Ashtead Group (AHT) 1,678.00p -1.00%
Johnson Matthey (JMAT) 2,876.00p -1.00%
BT Group (BT.A) 281.80p -0.76%
Royal Bank of Scotland Group (RBS) 242.70p -0.70%
Lloyds Banking Group (LLOY) 63.42p -0.55%