FTSE 100 movers: Ocado surges on upgrade; Segro hit by downgrade
London’s FTSE 100 was up 0.1% at 7,566.11 in afternoon trade on Monday.
Ocado was the standout gainer on the index after BNP Paribas Exane upgraded the online supermarket to ‘neutral’ from ‘sell’, saying it sees a lack of further negatives.
The bank said Ocado’s outlook and market sentiment now appear "much better aligned" and that it was the right time for a rating upgrade after a sharp underperformance.
Croda was also a high riser, having tanked at the end of last on the back of a profit warning.
Segro was under the cosh after Goldman Sachs downgraded the shares to ‘neutral’ from ‘buy’ and cut the price target to 800p from 900p as it said it sees less upside after a period of outperformance.
"We believe valuation at a 14% discount to EPRA NTA/share reflects only an average (and negative) cash spread to weighted average cost of capital (which we increase by 35bps) versus UK peers," it said.
"In addition, we see risk of a softer outlook for leasing demand, including due to weak Manufacturing PMI data."
Miners were also weaker as copper prices fell, with Anglo American and Rio Tinto both down.
FTSE 100 - Risers
Ocado Group (OCDO) 409.00p 5.79%
Croda International (CRDA) 5,450.00p 3.34%
Auto Trader Group (AUTO) 632.00p 2.30%
Experian (EXPN) 2,931.00p 2.20%
Airtel Africa (AAF) 130.80p 2.11%
RS Group (RS1) 815.00p 1.88%
InterContinental Hotels Group (IHG) 5,534.00p 1.69%
CRH (CDI) (CRH) 3,914.00p 1.35%
International Consolidated Airlines Group SA (CDI) (IAG) 161.90p 1.31%
Burberry Group (BRBY) 2,254.00p 1.30%
FTSE 100 - Fallers
Fresnillo (FRES) 649.40p -4.11%
SEGRO (SGRO) 774.40p -3.27%
Vodafone Group (VOD) 73.29p -2.12%
Unite Group (UTG) 908.00p -1.63%
Anglo American (AAL) 2,418.00p -1.59%
BT Group (BT.A) 144.70p -1.56%
DCC (CDI) (DCC) 4,664.00p -1.46%
Rio Tinto (RIO) 5,058.00p -1.31%
British Land Company (BLND) 342.80p -1.21%
BP (BP.) 463.45p -1.16%