FTSE 100 movers: Phoenix surges; supermarkets in the red again
London’s FTSE 100 was up 0.5% at 8,674.52 in afternoon trade on Monday.
Phoenix Group surged to the top of the index as it upgraded its cash generation and adjusted operating profit targets through 2026 following a strong performance in 2024.
Operating cash generation (OCG) totalled £1.40bn in 2024, up 22% year-on-year, helped by the strong delivery of recurring management actions, which are expected to produce around £300m in excess cash per annum, the company said.
With the £1.4bn OCG target being achieved two years early, Phoenix has now lifted its three-year OCG target from £4.4bn to £5.1bn over 2024 to 2026, and expects to grow OCG by a further mid-single digital percentage per annum going forward.
"We therefore expect to generate excess cash of £1.1bn across 2024-26 and this will be allocated in accordance with our capital allocation framework, with a clear focus on deleveraging," the company said.
On the downside, Tesco, Marks & Spencer and Sainsbury’s were under the cosh again following heavy losses on Friday after Asda said it would undertake a "substantive" programme of investment that would "materially" dent its profits.
AstraZeneca nudged lower as it announced the up to $1bn acquisition of Belgian biotech firm EsoBiotec, which it said has the potential to "transform" cell therapy.
FTSE 100 - Risers
Phoenix Group Holdings (PHNX) 576.50p 10.02%
Smurfit Westrock (DI) (SWR) 3,508.00p 3.02%
JD Sports Fashion (JD.) 74.56p 2.70%
Pershing Square Holdings Ltd NPV (PSH) 3,730.00p 2.47%
International Consolidated Airlines Group SA (CDI) (IAG) 289.80p 2.33%
M&G (MNG) 221.00p 2.27%
Convatec Group (CTEC) 259.80p 2.12%
Antofagasta (ANTO) 1,888.00p 1.97%
Entain (ENT) 650.00p 1.91%
SEGRO (SGRO) 710.00p 1.87%
FTSE 100 - Fallers
Tesco (TSCO) 326.90p -3.63%
Marks & Spencer Group (MKS) 327.90p -1.94%
Standard Chartered (STAN) 1,163.00p -1.15%
Games Workshop Group (GAW) 14,750.00p -1.01%
Sainsbury (J) (SBRY) 232.80p -0.94%
Melrose Industries (MRO) 523.20p -0.91%
Halma (HLMA) 2,694.00p -0.63%
AstraZeneca (AZN) 11,930.00p -0.53%
Next (NXT) 9,636.00p -0.45%
Intermediate Capital Group (ICG) 2,060.00p -0.39%