FTSE 100 movers: Airlines fly while AstraZeneca slumps

The FTSE 100 was just below the waterline in afternoon trading on Monday, as investors weighed a sharp drop in monthly UK industrial orders against better-than-expected eurozone services and manufacturing data.

Among the top risers was easyJet, after analysts at UBS upgraded their recommendation on the low-cost carrier, judging the share price fall on the back of three profit warnings since June to be overdone.

In a research report entitled "Darkest before the dawn" analyst Jarrod Castle upgraded his recommendation on the shares to 'buy' from 'neutral', although the stock's target price was trimmed from 1,070p to 1,050p.

"Shares are pricing in material future value destruction – we don’t think this will be the case," Castle said in a research report dated 24 October.

Another aviation group at the top of the league table was International Consolidated Airlines Group, in a continuation of the gains seen in the last fortnight, which now top 12%.

The British Airways operator is still well below its pre-Brexit levels though, suggesting investors remain cautious about its prospects as the UK divorces from the European Union.

IAG’s stock is down around 22% since the vote on 23 June.

Schroeders was also firmer, after it announced that Robin Stoakley - the managing director of its UK intermediary business - is stepping down after 15 years.

He is being replaced by Guy Henriques who, as country head for the UK, will oversee both the adviser and institutional divisions.

Henriques has been Schroeders’ country head of Japan since 2012, and has been with the firm since 2006.

AstraZeneca was under pressure, even after it was reported that the fair value estimate for the stock had been updated to £51 as a result of weak sterling.

Morningstar reported that analysts were also projecting 1% sales increases per annum over the next decade, with new products coming online to offset concerns about major patent losses.

British American Tobacco was also lower, after analysts at Fitch put the stock on a rating watch negative after the cigarette giant confirmed a bid for Reynolds American.

Fitch warned that the company could not keep an A credit rating if the deal went ahead, due to the sheer amount of debt required to fund it.

FTSE 100 - Risers

Provident Financial (PFG) 3,095.00p 3.00%
easyJet (EZJ) 944.50p 2.83%
DCC (DCC) 6,735.00p 2.36%
Antofagasta (ANTO) 530.00p 2.22%
International Consolidated Airlines Group SA (CDI) (IAG) 406.40p 1.68%
Schroders (SDR) 2,853.00p 1.67%
Standard Life (SL.) 342.10p 1.60%
Whitbread (WTB) 3,854.00p 1.55%
Glencore (GLEN) 241.10p 1.49%
Prudential (PRU) 1,405.50p 1.48%

FTSE 100 - Fallers

Shire Plc (SHP) 4,936.50p -2.31%
WPP (WPP) 1,718.00p -1.77%
Burberry Group (BRBY) 1,469.00p -1.74%
Hikma Pharmaceuticals (HIK) 1,875.00p -1.68%
AstraZeneca (AZN) 4,869.00p -1.68%
Pearson (PSON) 764.50p -1.42%
British American Tobacco (BATS) 4,607.00p -1.26%
Imperial Brands (IMB) 3,924.00p -1.05%
Associated British Foods (ABF) 2,498.00p -0.95%
Severn Trent (SVT) 2,345.00p -0.89%

FTSE 250 - Risers

Petra Diamonds Ltd.(DI) (PDL) 150.20p 7.44%
B&M European Value Retail S.A. (DI) (BME) 246.80p 3.48%
Senior (SNR) 179.50p 2.87%
Riverstone Energy Limited (RSE) 1,240.00p 2.56%
CYBG (CYBG) 276.90p 2.21%
Wizz Air Holdings (WIZZ) 1,532.00p 1.93%
Vedanta Resources (VED) 692.00p 1.84%
JRP Group (JRP) 125.60p 1.70%
Investec (INVP) 498.90p 1.67%
Spire Healthcare Group (SPI) 380.20p 1.66%

FTSE 250 - Fallers

Cobham (COB) 135.10p -15.88%
NCC Group (NCC) 211.00p -3.65%
Countryside Properties (CSP) 234.50p -2.82%
Inmarsat (ISAT) 676.00p -2.73%
Ocado Group (OCDO) 270.70p -2.45%
Hunting (HTG) 526.00p -2.41%
Berkeley Group Holdings (The) (BKG) 2,399.00p -2.20%
Supergroup (SGP) 1,383.00p -2.12%
Cranswick (CWK) 2,337.00p -1.97%
Vectura Group (VEC) 132.50p -1.71%