FTSE 100 movers: Travel stocks up, Meggitt and Polymetal follow

Meggitt

798.80p

16:52 12/09/22

0.00%

0.00p

Stocks were higher again at the end of the week, with some investors apparently eyeing a possible opportunity to wade into the market, although many also remained wary.

"Risk assets have done well to hold the line over the past 48 hours, but [...] the problems that have dogged equity markets for weeks have not gone away, namely the steady spread of the virus and the dire corporate updates coming out from around the globe," said IG chief market analyst Chris Beauchamp.

For his part, CMC Markets UK's David Madden chipped in saying: "Central banks and government have been throwing money at the health crisis and it seems that some of it is starting to stick, which is why stocks are firmly higher. The G20 meeting next week is at the forefront of traders’ minds too."

Against that backdrop, the Footsie ended the day 0.76% higher to 5,190.78, despite a sharp recovery in sterling's value, which was a sign of less tensions in US dollar funding markets.

As on the Continent, Travel & Leisure stocks finally drew a bid, with shares of Carnival, Easyjet, IAG, InterContinental Hotels Group all moving higher.

On the back of the above, shares of aerospace engineer Meggitt also won a reprieve.

Shares of Polymetal were also higher. The day before the precious metals miner had announced a $200m investment in ThreeArc, the owner of the Tomtor niobium and rare-earth metals project.

Company management said that the 9.1% stake in ThreeArc meant establishing a beachhead in the electric vehicle space.

To take note of, BofA Securities top-ranked strategists also sounded a positive note, telling clients that the US S&P 500 should hod onto the 2,350 point level, with corporate and financial defaults the "sole" risk.

Market Movers

FTSE 100 (UKX) 5,190.78 0.76%
FTSE 250 (MCX) 13,592.64 5.95%
techMARK (TASX) 3,067.50 2.83%

FTSE 100 - Risers

Carnival (CCL) 885.80p 20.16%
JD Sports Fashion (JD.) 379.20p 18.72%
easyJet (EZJ) 600.00p 18.30%
InterContinental Hotels Group (IHG) 2,754.00p 15.45%
Aveva Group (AVV) 3,360.00p 14.36%
Polymetal International (POLY) 1,166.50p 12.22%
Barratt Developments (BDEV) 408.20p 11.93%
Meggitt (MGGT) 248.90p 11.51%
CRH (CRH) 1,775.00p 11.29%
Whitbread (WTB) 2,341.00p 11.21%