FTSE 100 movers: Frasers Group surges; Diploma in the red

London’s FTSE 100 was up 0.7% at 8,242.03 in afternoon trade on Thursday.

Sports Direct owner Frasers Group surged to the top of the index as it posted annual profits at the top of guidance, despite a dip in revenues.

Adjusted pre-tax profits were boosted by a lack of exceptional items compared to the previous year, and came in at £544.8, a 13% uplift and at the top end of guidance of between £500m and £550m.

JD Sports also gained.

Schroders rallied as Morgan Stanley lifted the shares to ‘overweight’ from ‘equalweight’ as it took a look at European asset managers and switched its preference from DWS.

The bank said it views the business as relatively better positioned than peers to tap growth opportunities in private markets given the breadth of its offering, while its Asian footprint positions Schroders well to take advantage of improved opportunities in Japan as well as benefit from any recovery in China.

"The wealth division provides stickier assets and more stable growth versus asset management," it said.

"Given an improving growth trajectory we increase our target P/E multiple to 12x 2025, broadly in line with the longer term European sector average, and still a circa 15% discount to Schroders' longer term average P/E."

Morgan Stanley lifted its price target on Schroders to 500p from 415p.

Diploma fell as the distribution group held guidance as revenue grew 13% in the nine months to 30 June.

FTSE 100 - Risers

Frasers Group (FRAS) 897.00p 9.19%
Schroders (SDR) 394.80p 4.78%
JD Sports Fashion (JD.) 119.85p 2.74%
WPP (WPP) 745.00p 2.56%
Persimmon (PSN) 1,539.00p 2.50%
Convatec Group (CTEC) 254.60p 2.25%
Berkeley Group Holdings (The) (BKG) 4,956.00p 2.02%
Intermediate Capital Group (ICG) 2,148.00p 1.99%
Associated British Foods (ABF) 2,533.00p 1.93%
Pershing Square Holdings Ltd NPV (PSH) 4,240.00p 1.92%

FTSE 100 - Fallers

Smurfit Westrock (DI) (SWR) 3,618.00p -3.05%
Flutter Entertainment (DI) (FLTR) 15,510.00p -2.02%
easyJet (EZJ) 477.70p -1.83%
Antofagasta (ANTO) 1,968.00p -1.50%
Glencore (GLEN) 451.75p -1.47%
InterContinental Hotels Group (IHG) 8,276.00p -1.38%
Standard Chartered (STAN) 732.80p -0.49%
CRH (CDI) (CRH) 6,192.00p -0.39%
Diploma (DPLM) 4,264.00p -0.28%
Auto Trader Group (AUTO) 812.00p -0.27%