FTSE 100 movers: Ocado gains on Citi note; Fresnillo glistens

London's FTSE 100 was down 0.1% at 7,415.05 in afternoon trade on Friday.

Shares of grocery delivery company Ocado rallied as Citi upped its price target on the stock to 1,450p from 1,300p and reiterated its 'buy' rating.

"We reiterate our buy rating with our view that Ocado leads in a global online grocery market experiencing secular and structural growth," Citi said.

"Moreover the advent of the Ocado Zoom immediacy solution (less than one hour deliveries) significantly increases its addressable market, with the opportunity for greater automation (notably outbound robopicking) underpinning its long term economics," the bank added.

Precious metals miner Fresnillo shone after gold prices breached the $1,400 an ounce level for the first time since 2013.

David Cheetham, chief market analyst at XTB, said: "It’s been a big week of gains for bullion, with the clear dovish shift from the Fed sending both US bond yields and the buck lower and contributing to the 4% rise seen in the price of gold since Monday.

"A slowing global economy, imminent US rate cuts and rising geopolitical tensions provide a near perfect storm for Gold bugs and while this trio of factors remain in place the rally seen in recent weeks will remain well supported."

BP was also on the rise as oil prices were boosted by growing worries about tensions in the Middle East.

On the downside, Rolls-Royce was under the cosh as JPMorgan reiterated its 'underweight' rating on shares of the aerospace and defence group after the Paris Air Show. Among other things, the bank said consensus earnings per share for 2020 and 2021 looks around 20% too high, while the wide body market is "clearly softening".

FTSE 100 - Risers

Ocado Group (OCDO) 1,157.22p 4.96%
Next (NXT) 5,666.00p 2.02%
St James's Place (STJ) 1,106.50p 1.79%
Berkeley Group Holdings (The) (BKG) 3,587.00p 1.73%
Fresnillo (FRES) 883.00p 1.63%
BP (BP.) 557.80p 1.55%
Prudential (PRU) 1,701.50p 1.25%
Ashtead Group (AHT) 2,167.00p 1.21%
Just Eat (JE.) 626.60p 1.20%
International Consolidated Airlines Group SA (CDI) (IAG) 461.20p 1.14%

FTSE 100 - Fallers

Flutter Entertainment (FLTR) 5,808.00p -3.78%
Rolls-Royce Holdings (RR.) 883.00p -3.29%
Melrose Industries (MRO) 173.55p -2.50%
GlaxoSmithKline (GSK) 1,571.60p -2.20%
Hikma Pharmaceuticals (HIK) 1,715.00p -2.11%
Evraz (EVR) 638.00p -1.97%
AstraZeneca (AZN) 6,365.00p -1.87%
Smurfit Kappa Group (SKG) 2,375.00p -1.53%
Reckitt Benckiser Group (RB.) 6,218.00p -1.46%
Intertek Group (ITRK) 5,566.00p -1.17%