FTSE 100 movers: EasyJet flies higher on upgrade; Kingfisher drops on results
London's FTSE 100 was up 0.3% to 7,506.39 in afternoon trade as investors awaited the release of the latest Federal Reserve minutes.
EasyJet was boosted by an upgrade to 'add' versus 'sell' at Alphavalue, while Severn Trent advanced after analysts at JP Morgan lifted their target price a day after the water company surprisingly bumped up its dividend.
BAE Systems was a high riser as UBS said the US defence budget blueprint supports US revenue growth acceleration.
"We think BAE is very well placed to benefit from an increase in US Army spending after eight years of cuts. BAE's valuation is attractive relative to US and European peers," it said.
RBS was in the black as a court case that was meant to kick off on Monday was adjourned for the third time amid ongoing talks to agree a £200m settlement between investors and the bank.
Marks & Spencer reversed earlier losses to trade higher after it reported steady sales but a 64% plunge in profit for the year to 1 April after taking a £437.4m hit mainly from changes to its pension scheme, international stores, and UK head office.
On the downside, B&Q owner Kingfisher tumbled after it said sales in the first three months of the year declined 0.6%
Mediclinic was in the red as the company reported a poor performance from its Middle East arm but kept its dividend steady.
Engineering support services group Babcock International fell despite reporting a rise in full-year pre-tax profit, as revenue missed expectations.
Rio Tinto and Fresnillo were lower after Moody's downgraded the credit rating of China, which is a major consumer of metals.
Risers
easyJet (EZJ) 1,351.00p 3.84%
Severn Trent (SVT) 2,553.00p 2.49%
BAE Systems (BA.) 656.00p 2.26%
TUI AG Reg Shs (DI) (TUI) 1,165.00p 2.10%
Royal Bank of Scotland Group (RBS) 269.80p 1.85%
Carnival (CCL) 4,858.00p 1.46%
Marks & Spencer Group (MKS) 392.80p 1.32%
International Consolidated Airlines Group SA (CDI) (IAG) 608.50p 1.25%
Direct Line Insurance Group (DLG) 346.20p 1.20%
Lloyds Banking Group (LLOY) 73.01p 1.18%
Fallers
Kingfisher (KGF) 335.20p -6.68%
Mediclinic International (MDC) 827.00p -4.83%
Rolls-Royce Holdings (RR.) 852.50p -1.10%
Rio Tinto (RIO) 3,161.50p -0.97%
Fresnillo (FRES) 1,568.00p -0.88%
CRH (CRH) 2,789.00p -0.71%
Babcock International Group (BAB) 963.00p -0.67%
Merlin Entertainments (MERL) 514.50p -0.58%
Johnson Matthey (JMAT) 3,094.00p -0.58%
Randgold Resources Ltd. (RRS) 7,200.00p -0.55%