FTSE 100 movers: BP boosted by upgrade; Ocado slumps

London’s FTSE 100 was down 0.7% at 7,632.56 in afternoon trade on Monday.

BP gushed higher as Jefferies upgraded shares of the oil giant to ‘buy’ from ‘hold’ and lifted the price target to 570p from 520p.

The bank said it expects the stock to continue to close its valuation gap versus peers, supported by a greater focus on distributions, reduced capex risk and relatively conservative consensus earnings growth expectations.

Jefferies also noted that at the fourth-quarter results, BP "significantly" improved its financial frame by increasing the percentage of free cash flow allocated to shareholder distributions, increasing longer-term visibility for its quarterly buyback programme and tightening its capex guidance.

Ocado was under the cosh again after results last week and amid the prosect of a potential legal battle with Marks & Spencer.

FTSE 100 - Risers

Melrose Industries (MRO) 641.60p 2.52%
BT Group (BT.A) 106.50p 1.77%
Pearson (PSON) 1,028.50p 1.43%
SEGRO (SGRO) 874.80p 1.39%
Sage Group (SGE) 1,253.00p 0.68%
Antofagasta (ANTO) 1,827.00p 0.55%
Endeavour Mining (EDV) 1,331.00p 0.53%
BP (BP.) 474.05p 0.51%
BAE Systems (BA.) 1,255.00p 0.40%
Ashtead Group (AHT) 5,744.00p 0.38%

FTSE 100 - Fallers

Ocado Group (OCDO) 442.40p -7.06%
Entain (ENT) 869.00p -5.21%
St James's Place (STJ) 490.70p -4.12%
Mondi (MNDI) 1,371.00p -2.90%
Rentokil Initial (RTO) 426.30p -2.89%
Croda International (CRDA) 4,767.00p -2.67%
Kingfisher (KGF) 226.20p -2.67%
Next (NXT) 8,190.00p -2.62%
Burberry Group (BRBY) 1,254.50p -2.53%
Anglo American (AAL) 1,721.40p -2.24%