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FTSE 100 movers: DCC jumps on results; Vodafone in the red
(Sharecast News) - London's FTSE 100 was down 0.4% at 7,746.98 in afternoon trade on Tuesday. Telecoms giant Vodafone slumped as it said it expects to post flat earnings next year after reporting a decline in annual profits in a performance described as "not good enough" by its chief executive, who also announced 11,000 job cuts as part of a radical overhaul of the business.
DCC was the standout gainer on the index as it reported a jump in full-year profits despite "volatile" economic conditions, as commodity prices soared.
Land Securities was also up despite saying it swung to an annual loss after higher interest rates and the weaker economic backdrop hit the value of its properties.
Smiths Group was boosted by an upgrade to 'buy' from 'underperform' at Bank of America Merrill Lynch, which lifted its price target to 2,000p from 1,150p, as it said there was "hidden value waiting to be realised".
ML noted that Smiths has more than 60% defensive and high aftermarket content assets.
"Smiths' portfolio exposure is biased towards defensive, regulated and late cycle markets (e.g. safety & security, energy) that should appeal to investors given macro concerns," it said. "Aftermarket (AM) is circa 38% of mix and concentrated in Detection & John Crane where demand is elevated on post-pandemic aviation security upgrades & energy security/transition."
BofA ML also argued that balance sheet strength provides substantial portfolio change optionality, both organic and inorganic.
FTSE 100 - Risers
DCC (CDI) (DCC) 4,759.00p 2.26% Land Securities Group (LAND) 633.40p 2.16% Mondi (MNDI) 1,325.00p 2.16% Rolls-Royce Holdings (RR.) 148.15p 2.10% Smiths Group (SMIN) 1,686.00p 1.81% Informa (INF) 710.40p 1.37% Compass Group (CPG) 2,194.00p 1.25% Burberry Group (BRBY) 2,554.00p 1.15% Centrica (CNA) 118.90p 1.15% British Land Company (BLND) 379.00p 1.04%
FTSE 100 - Fallers
Vodafone Group (VOD) 85.21p -5.35% Ocado Group (OCDO) 415.80p -3.53% Kingfisher (KGF) 244.10p -2.32% JD Sports Fashion (JD.) 170.55p -2.32% Admiral Group (ADM) 2,199.00p -2.14% Prudential (PRU) 1,149.50p -1.84% Frasers Group (FRAS) 766.50p -1.79% Glencore (GLEN) 431.00p -1.42% Antofagasta (ANTO) 1,401.50p -1.23% M&G (MNG) 197.75p -1.22%
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