FTSE 100 movers: Sky's the limit; Rio Tinto ore numbers don't please

Shares in Sky rose on Tuesday as RBC Capital Markets lifted its rating on the stock to ‘outperform’ from ‘underperform’ and raised its target price to 1,100p from 1,000p.

Market Movers

FTSE 100 (UKX) 6,684.75 -0.16%

“Our view reflects (1) the lower share price; (2) de-risking of rights renewal in Germany; (3) upside from mobile rollout,” RBC said.

“The rise in the price target is partly driven by our forecasts for higher outer year earnings in GBP terms from Germany and Italy.”

Sky last month paid €3.5bn to secure the lion’s share of TV rights to German Bundesliga football matches. Earlier in the year the company also signed an agreement with Telefonica UK to launch a mobile virtual network operator (MVNO) on its network.

Royal Mail shares tose as the company said trading for the three months ended 26 June was in line with its expectations, with group revenue up 1% and UK revenue down 1%.

Parcel volumes in the first quarter were up 2%, driven by import parcels and Royal Mail account parcels as well as an improving trend in the consumer/SME segment.

Mining giant Rio Tinto fell as it said second quarter iron ore production from its mines in Western Australia's Pilbara rose 8% to nearly 81m from the same time a year ago.

Pilbara iron ore shipments rose 6% to 82.2m tonnes.

Fellow miners Glencore, Anglo American and BHP Billiton also slumped.

FTSE 100 - Risers

Coca-Cola HBC AG (CDI) (CCH) 1,566.00p 3.09%
Sky (SKY) 894.00p 1.87%
Land Securities Group (LAND) 1,059.00p 1.63%
Carnival (CCL) 3,549.00p 1.60%
Sage Group (SGE) 677.00p 1.42%
Randgold Resources Ltd. (RRS) 8,920.00p 1.31%
Royal Mail (RMG) 507.50p 1.20%
Merlin Entertainments (MERL) 475.80p 0.98%
Informa (INF) 748.00p 0.88%
Fresnillo (FRES) 1,890.00p 0.85%

FTSE 100 - Fallers

Rio Tinto (RIO) 2,376.00p -3.51%
Glencore (GLEN) 180.45p -3.22%
easyJet (EZJ) 1,106.00p -2.64%
Antofagasta (ANTO) 489.00p -2.62%
BHP Billiton (BLT) 951.90p -2.50%
ITV (ITV) 186.00p -2.41%
Anglo American (AAL) 812.00p -2.20%
GKN (GKN) 278.80p -1.69%
Standard Life (SL.) 283.10p -1.43%
Barclays (BARC) 148.55p -1.42%