FTSE 100 movers: Flutter boosted by upgrade; IHG hit by downgrade

London’s FTSE 100 was up 0.4% at 7,781.51 in afternoon trade on Wednesday.

Heavily-weighted miners were among the top performers, with Glencore, Anglo American and Antofagasta all up.

SP Angel noted that nickel hit four-month highs, climbing to $18,500/t.

"The metal has been supported by slower permit approvals by government officials for mining in Indonesia," it said. "China is also considered to have cooled its destocking period which helped weigh on prices last year. Supply remains buoyant, however, with Indonesia boosting output circa 30% yoy as laterite products continue to flow to China."

Flutter Entertainment gained as JPMorgan Cazenove lifted its stance on the shares to ‘overweight’ from ‘neutral’ and hiked the price target to 21,300p from 16,300p.

The bank said the upgrade was driven mainly by its more positive stance on the US, for which it has increased its revenue and EBITDA estimates by double digit percentages in FY 26 onwards.

This is driven in part by a larger total addressable market (TAM) forecast. JPM said that with US legalisation coming through state by state, it now feels increasingly confident about the TAM opportunity crystallising.

JPM also pointed to further market share gains, including within iGaming, which remains underappreciated by the market, and higher margin assumptions, largely underpinned by scale.

The bank said Flutter’s market leadership across key geographies, underpinned by its strong moat - leading product, scale, brand - puts it in a favourable spot to capture growth opportunities across markets, while keeping it well-positioned to efficiently tackle regulatory headwinds.

InterContinental Hotels was knocked lower by a downgrade to ‘hold’ from ‘buy’ at Jefferies.

"Consensus appears well-set for 2024/25, valuation is full and weak core US growth move us to the sidelines," the bank said.

FTSE 100 - Risers

Glencore (GLEN) 414.80p 3.71%
Entain (ENT) 785.60p 3.04%
Anglo American (AAL) 1,898.80p 2.57%
Antofagasta (ANTO) 1,864.00p 2.53%
Flutter Entertainment (DI) (FLTR) 17,615.00p 2.32%
United Utilities Group (UU.) 1,062.00p 2.02%
BP (BP.) 485.75p 1.74%
Aviva (AV.) 479.00p 1.46%
Severn Trent (SVT) 2,584.00p 1.29%
British American Tobacco (BATS) 2,395.50p 1.23%

FTSE 100 - Fallers

Vodafone Group (VOD) 67.16p -3.09%
JD Sports Fashion (JD.) 114.45p -2.93%
Rightmove (RMV) 562.60p -2.50%
InterContinental Hotels Group (IHG) 8,230.00p -2.09%
St James's Place (STJ) 438.30p -2.08%
Marks & Spencer Group (MKS) 245.70p -2.03%
RS Group (RS1) 719.00p -1.61%
Hikma Pharmaceuticals (HIK) 1,888.50p -1.54%
Rio Tinto (RIO) 4,840.50p -1.50%
Rentokil Initial (RTO) 487.40p -1.50%