FTSE 100 movers: Ocado rallies; Burberry hit by Jefferies note

London’s FTSE 100 was up 0.1% at 7,619.98 in afternoon trade on Tuesday, as the Christmas lull set in.

Online supermarket Ocado was the standout gainer on the index.

Meanwhile, Flutter Entertainment - formerly Paddy Power Betfair - was boosted by an upgrade to ‘buy’ from ‘hold’ at Peel Hunt. The broker has a 16,000p price target on the shares.

On the downside, luxury fashion brand Burberry was under the cosh after Jefferies cut its price target on the shares to 1,600p from 1,800p.

The bank said ongoing weakness in the US and Europe and a tough backdrop in China, "could well leave FY 23/24 guidance vulnerable if the take-up of the new product does not drive a reversal in these trends early in calendar 2024".

Oil giant BP gushed lower.

Russ Mould, investment director at AJ Bell, said: "Events in the Red Sea, where companies like Maersk and BP are diverting vessels thanks to a series of attacks, are a reminder of the impact of the ongoing conflict in the Middle East and may well act as a renewed inflationary pressure - as a disrupted supply chain leads to a higher cost of goods."

FTSE 100 - Risers

Ocado Group (OCDO) 759.60p 4.34%
Smith (DS) (SMDS) 311.60p 1.70%
Rentokil Initial (RTO) 436.00p 1.68%
Severn Trent (SVT) 2,643.00p 1.65%
Flutter Entertainment (CDI) (FLTR) 13,665.00p 1.64%
Spirax-Sarco Engineering (SPX) 10,275.00p 1.63%
United Utilities Group (UU.) 1,094.00p 1.48%
Standard Chartered (STAN) 655.20p 1.46%
Entain (ENT) 991.00p 1.41%
Antofagasta (ANTO) 1,661.00p 1.40%

FTSE 100 - Fallers

Burberry Group (BRBY) 1,471.50p -2.84%
Vodafone Group (VOD) 66.26p -1.44%
F&C Investment Trust (FCIT) 941.00p -1.36%
St James's Place (STJ) 672.00p -1.29%
BP (BP.) 460.95p -0.91%
Imperial Brands (IMB) 1,804.00p -0.85%
Beazley (BEZ) 528.50p -0.84%
GSK (GSK) 1,430.60p -0.83%
AstraZeneca (AZN) 10,292.00p -0.62%
Scottish Mortgage Inv Trust (SMT) 780.00p -0.61%