FTSE 100 movers: Ashtead gains on results, Worldpay slumps on placing

Industrial equipment rental company Ashtead was the standout performer as it reported a jump in revenue for the first quarter to the end of July as it benefited from a weaker pound. The group also said full-year results were likely to be ahead of expectations.

Total rental revenues grew 12% in generally strong end markets, lifting statutory revenues 4% to £707m at constant exchange rates compared to the same period last year, with growth in both US-based Sunbelt and the UK's A-Plant.

SSE was boosted by an upgrade to ‘buy’ at Bank of America Merrill Lynch, while Randgold Resources gained as Berenberg initiated coverage of the stock at ‘hold’.

Housebuilders were under the cosh, led lower by Barratt Developments following the release of results for the year to 30 June.

Barratt said total completions rose 5.3% to 17,319, revenue was up 12.7% to £4.24bn and profit from operations grew 15.9% to £668.4m. Analysts said it could be a case of profit-taking. IG’s Chris Beauchamp noted the shares have risen 60% since the low in July, so there is “no doubt that more than a few investors are looking to cash out”.

Shares in payments processor Worldpay slumped on as it emerged that private equity firms Advent International and Bain Capital LLP sold a bigger-than-expected stake in the company through their Ship Global 2 & Cy SCA vehicle.

Ship Global, which is jointly owned by the two firms, sold 350m shares in the payments processor, which is more than the 300m planned, at 282p per share. They raised aggregate sale proceeds of approximately £987m.

Aerospace and defence group Rolls-Royce slid after as Exane BNP Paribas downgraded the stock to ‘underperform’ from ‘neutral’ with an unchanged price target of 530p, citing little valuation support versus peers.

Exane noted Rolls is the strongest sector performer year-to-date, with shares up 29% over three months, most likely thanks to new management’s continuing strong focus on execution and cost reduction.

Severn Trent was in the red after Bank of America Merrill Lynch cut the stock to ‘underperform’.

Risers

Ashtead Group (AHT) 1,296.00p 3.02%
Randgold Resources Ltd. (RRS) 7,735.00p 1.64%
Royal Dutch Shell 'A' (RDSA) 1,892.00p 1.61%
Royal Dutch Shell 'B' (RDSB) 1,966.50p 1.44%
Aviva (AV.) 440.40p 1.31%
Fresnillo (FRES) 1,714.00p 1.18%
SSE (SSE) 1,564.00p 1.10%
Glencore (GLEN) 185.05p 0.98%
Smiths Group (SMIN) 1,385.00p 0.95%
Anglo American (AAL) 834.40p 0.92%

Fallers

Berkeley Group Holdings (The) (BKG) 2,699.00p -3.02%
Worldpay Group (WI) (WPG) 286.90p -2.55%
Persimmon (PSN) 1,830.00p -2.14%
Rolls-Royce Holdings (RR.) 759.00p -1.94%
Barratt Developments (BDEV) 497.60p -1.85%
Taylor Wimpey (TW.) 160.70p -1.77%
Severn Trent (SVT) 2,407.00p -1.67%
Hikma Pharmaceuticals (HIK) 2,165.00p -1.64%
BT Group (BT.A) 389.70p -1.34%
TUI AG Reg Shs (DI) (TUI) 1,032.00p -1.34%