FTSE 100 movers: 3i boosted by Barclays note; Mediclinic hit by CS downgrade

London's FTSE 100 was up 0.3% to 7,541.13 in afternoon trade.

3i was boosted as Barclays hiked its price target on the stock to 980p from 750p and reiterated the 'overweight' rating, while Micro Focus was lifted by margin improvements at its HPE Software unit.

Aerospace and defence group Rolls-Royce rose after saying it has won an order to supply low-emissions gas engines for Norwegian ferry operator, Torghatten Nord.

On the downside, Taylor Wimpey, Marks and Spencer and National Grid retreated as their stock went ex-dividend.

Mediclinic was knocked lower after Credit Suisse downgraded the stock to 'neutral' from 'outperform' and slashed the price target to 840p from 985p. CS said the company's litany of long-term margin challenges and slower medium-term volume growth in Abu Dhabi were behind it slashing its earnings forecasts and downgrading its recommendation.

Broadcaster ITV was on the back foot as HSBC downgraded the stock to 'hold' from 'buy' and cut the price target to 215p from 230p, saying it no longer reckons ITV is cheap but rather "cheap for a reason".

"Operating momentum remains challenging as media buyers cite a further deterioration in TV ad trends, with weakness led by the key fast-moving consumer goods category."

Pharmaceuticals group Shire was hit by a downgrade to 'hold' from 'buy' at Liberum, which said it has no conviction on the long-term story.

"We see the risk/reward through competitor news flow in hemophilia in H2 as correctly priced in, whilst there is meaningful longer term risk from the more than $2bn post-2022 earnings hole that we think needs to be filled through M&A in which the company has a chequered track record," the brokerage said.

Risers

Paddy Power Betfair (PPB) 8,375.00p 3.78%
3i Group (III) 927.00p 3.58%
Convatec Group (CTEC) 329.60p 3.00%
British Land Company (BLND) 649.50p 2.44%
Micro Focus International (MCRO) 2,450.00p 2.34%
Land Securities Group (LAND) 1,091.00p 1.96%
Rolls-Royce Holdings (RR.) 884.50p 1.96%
Coca-Cola HBC AG (CDI) (CCH) 2,296.00p 1.91%
Hammerson (HMSO) 596.00p 1.79%
Intu Properties (INTU) 276.70p 1.73%

Fallers

Taylor Wimpey (TW.) 192.60p -5.17%
Mediclinic International (MDC) 778.00p -3.77%
National Grid (NG.) 1,055.50p -3.12%
Marks & Spencer Group (MKS) 374.20p -2.17%
easyJet (EZJ) 1,395.00p -1.34%
Royal Bank of Scotland Group (RBS) 256.70p -1.27%
Shire Plc (SHP) 4,427.00p -1.00%
ITV (ITV) 194.20p -0.77%
Centrica (CNA) 201.80p -0.74%
Hikma Pharmaceuticals (HIK) 1,676.00p -0.71%