FTSE 100 movers: Hikma boosted by Citi note; miners slump

London’s FTSE 100 was down 0.9% at 8,152.46 in afternoon trade on Tuesday.

Hikma Pharmaceuticals was the top gainer after Citi lifted its price target on the shares to 2,845p from 2,770p as it said IQVIA April data highlighted "healthy trends" for injectables and US Generics.

"The strategy at US Generics (30/20% of sales/EBIT) longer-term remains reducing volatility and delivering a sustainable EBIT of $100-120m, as a result of efforts to increase contract manufacturing activities and further broadening the Specialty portfolio," it said.

"More importantly, we argue investors should focus on long-standing efforts to improve the product mix at Branded (24/22% 2024e sales/EBIT) finally paying dividends, resulting in a sustainable step-up in profitability.

"Lastly, Injectables continues to offer high single-digit growth prospects at attractive margins, with greenfield efforts to develop a US compounding business expected to break even in 2025."

Housebuilder Persimmon was also in the black amid news the Conservatives plan to introduce a new £1bn scheme to help first-time buyers and allow them to buy a home with just a 5% deposit. It was understood that this will be available for properties under £400,000.

Miners Antofagasta, Glencore and Rio Tinto all fell.

Rio was in focus after agreeing to buy Mitsubishi Corporation’s 11.65% interest in Boyne Smelters (BSL) for an undisclosed sum. BSL owns and operates the Boyne Island aluminium smelter in Gladstone, Australia.

Once this deal and the recent agreement to acquire Sumitomo Chemical Company’s 2.46% interest in BSL complete, Rio’s interest in BSL will rise to 73.5%.

FTSE 100 - Risers

Hikma Pharmaceuticals (HIK) 1,984.00p 2.80%
Convatec Group (CTEC) 250.80p 2.20%
RS Group (RS1) 712.00p 1.50%
Persimmon (PSN) 1,460.50p 1.00%
Intermediate Capital Group (ICG) 2,266.00p 0.89%
Rightmove (RMV) 557.00p 0.58%
Ocado Group (OCDO) 356.90p 0.42%
Experian (EXPN) 3,664.00p 0.38%
Rentokil Initial (RTO) 410.50p 0.29%
Croda International (CRDA) 4,242.00p 0.24%

FTSE 100 - Fallers

Antofagasta (ANTO) 2,079.00p -3.71%
Marks & Spencer Group (MKS) 300.20p -3.04%
Standard Chartered (STAN) 732.00p -2.81%
Glencore (GLEN) 463.40p -2.61%
Admiral Group (ADM) 2,591.00p -2.48%
NATWEST GROUP (NWG) 303.60p -2.35%
Rio Tinto (RIO) 5,236.00p -2.26%
HSBC Holdings (HSBA) 679.30p -2.06%
AstraZeneca (AZN) 12,354.00p -1.95%
Schroders (SDR) 374.20p -1.89%