FTSE 100 movers: Morrison higher on price slash, miners strong
Morrison was trading higher after announcing plans to slash prices of over 130 staple products by more than 50%, in an effort to reverse falling sales and win back customers. The price of eggs, bread, milk, butter, coffee, sugar, fruit juice and pasta will fall by up to 56%.
Anglo American
2,430.00p
17:15 04/10/24
BHP Group Limited NPV (DI)
2,304.00p
17:00 04/10/24
Food & Drug Retailers
4,548.70
17:14 04/10/24
Fresnillo
636.00p
16:34 04/10/24
FTSE 100
8,280.63
16:49 04/10/24
FTSE 350
4,570.17
17:14 04/10/24
FTSE All-Share
4,527.24
16:54 04/10/24
Industrial Transportation
4,117.65
17:14 04/10/24
International Distribution Services
341.20p
17:15 04/10/24
Mining
11,521.23
17:14 04/10/24
Morrison (Wm) Supermarkets
286.40p
16:55 26/10/21
Rio Tinto
5,298.00p
17:15 04/10/24
Darren Shirley, analyst at Shore Capital said: “Morrison's work is part of a process to recover profitability and in particular recapture lost ground to the discount grocers […] We see scope for the group to report materially better trading, aided by comparatives, which should support the group's share price.”
Mining stocks were performing well, including Anglo American, Rio Tinto, BHP Billiton and Fresnillo. Charles Stanley analysts maintained an 'accumulate' rating for Rio Tinto, saying the stock is "valued at a slightly cheaper level than peers".
Hotels group IHG managed to narrowly beat analysts’ forecasts with its annual results but shares declined. The Crowne Plaza and Holiday Inn operator said reported operating profit for 2014 totalled $651m, down 3% but slightly ahead of the consensus estimate of $646m. “In all, the results are solid if somewhat unexciting,” said Keith Bowman from Hargreaves Lansdown stockbrokers.
Royal Mail was hit by gloomy comments from Morgan Stanley as it noted “continued operational risk” at the postal delivery group. The bank cut its target price for the shares from 350p to 340p, saying that its recent concerns about a slowdown in revenue growth are “playing out as expected”.
Risers
Anglo American (AAL) 1,250.50p +2.46%
Rio Tinto (RIO) 3,231.00p +2.13%
Morrison (Wm) Supermarkets (MRW) 187.50p +1.90%
BHP Billiton (BLT) 1,616.50p +1.73%
Diageo (DGE) 1,871.00p +1.71%
Dixons Carphone (DC.) 430.20p +1.70%
Lloyds Banking Group (LLOY) 76.79p +1.40%
Fresnillo (FRES) 851.50p +1.31%
Unilever (ULVR) 2,783.00p +1.24%
easyJet (EZJ) 1,757.00p +1.21%
Fallers
InterContinental Hotels Group (IHG) 2,478.00p -4.25%
Royal Mail (RMG) 438.40p -2.14%
Whitbread (WTB) 4,942.00p -1.36%
Rolls-Royce Holdings (RR.) 926.00p -1.12%
Coca-Cola HBC AG (CDI) (CCH) 1,179.00p -1.09%
Compass Group (CPG) 1,103.00p -1.08%
Barclays (BARC) 256.10p -1.04%
Admiral Group (ADM) 1,416.00p -0.98%
Babcock International Group (BAB) 1,055.00p -0.85%
G4S (GFS) 282.00p -0.81%