FTSE 100 movers: Ashtead boosted by US peer, Reckitt wrecked by downgrade

London's FTSE 100 was down 0.3% to 6,824.18 in afternoon trade on Thursday, with Reckitt and Vodafone pacing the decline.

Reckitt Benckiser was under the cosh after Jefferies downgraded its stance on the consumer goods group to 'underperform' from 'hold' and slashed the price target to 5,000p from 6,800p as it argued that the surprise retirement of chief executive Rakesh Kapoor last week "crystallises long-brewing anxieties".

"We see no quick fixes and a material risk of a margin re-set under a new CEO," it said. "With a materially below consensus view on FY19, and a weak cold and flu season in the US a potential negative catalyst near term, we move to underperform."

Vodafone retreated a day ahead of its first-quarter trading update, after its South African business, Vodacom, reported a slowdown in service revenue, while Rentokil fell after US peer Rollins' fourth-quarter earnings per share missed analysts' expectations.

Going the other way, equipment rental firm Ashtead racked up strong gains following well-received earnings from US peer United Rentals late on Wednesday.

Centrica was also on the front foot, recovering from losses in the previous session on the back of a Credit Suisse downgrade.

Wealth manager St James's Place was in the green even as it said inflows slowed in the final months of the year as it saw challenging market conditions squeeze funds under management. Peel Hunt said net inflows of £2.6bn were slightly ahead of consensus, while client retention remained strong.

FTSE 100 - Risers

Evraz (EVR) 464.50p 1.98%
Ashtead Group (AHT) 1,906.00p 1.93%
TUI AG Reg Shs (DI) (TUI) 1,200.50p 1.82%
3i Group (III) 825.60p 1.60%
Centrica (CNA) 132.98p 1.39%
British Land Company (BLND) 570.20p 1.35%
St James's Place (STJ) 952.60p 1.19%
SEGRO (SGRO) 640.80p 1.07%
Marks & Spencer Group (MKS) 291.00p 0.97%
Carnival (CCL) 4,107.00p 0.96%

FTSE 100 - Fallers

Reckitt Benckiser Group (RB.) 5,592.00p -3.32%
Vodafone Group (VOD) 144.86p -2.95%
easyJet (EZJ) 1,246.50p -2.62%
Rentokil Initial (RTO) 333.20p -2.23%
AstraZeneca (AZN) 5,485.00p -1.51%
Johnson Matthey (JMAT) 2,967.00p -1.46%
British American Tobacco (BATS) 2,451.00p -1.25%
Experian (EXPN) 1,926.00p -1.23%
Imperial Brands (IMB) 2,429.50p -1.22%
BT Group (BT.A) 235.00p -1.22%