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FTSE 100 movers: IAG flies higher; AB Foods in the red
(Sharecast News) - London's FTSE 100 was down 0.3% at 7,763.48 in afternoon trade on Tuesday. IAG flew higher after Liberum reiterated its 'buy' recommendation on the shares and lifted the price target to 220p from 145p.
The broker said: "IAG's valuation appears consistent with mid- or even late-cycle earnings, despite the industry being in only the early stages of recovery from the pandemic.
"We see macro risks more than priced in at current levels. IAG's strategic positioning based on the leading hub airports for transatlantic traffic (north and south), extensive route networks and attractive origin & destination flows remain intact."
Primark owner Associated British Foods fell even as it posted a 20% rise in sales during the Christmas period as consumers continued to hunt for bargains amid the cost-of-living crisis.
The company, which also has agriculture, sugar and food ingredients operations, said revenue in the 16 weeks to January 7 rose to £6.7bn, with Primark sales up 18% to £3.1bn. Group full-year expectations remain unchanged.
FTSE 100 - Risers
Taylor Wimpey (TW.) 115.90p 2.11% Rolls-Royce Holdings (RR.) 110.18p 1.83% JD Sports Fashion (JD.) 161.65p 1.79% International Consolidated Airlines Group SA (CDI) (IAG) 165.12p 1.69% Persimmon (PSN) 1,416.50p 1.54% Pearson (PSON) 938.40p 1.49% Whitbread (WTB) 3,077.00p 1.48% Fresnillo (FRES) 883.80p 1.42% Flutter Entertainment (CDI) (FLTR) 12,830.00p 1.34% Beazley (BEZ) 646.00p 1.33%
FTSE 100 - Fallers
AstraZeneca (AZN) 10,724.00p -2.84% Glencore (GLEN) 563.20p -2.58% Associated British Foods (ABF) 1,827.00p -2.27% Convatec Group (CTEC) 242.40p -1.54% Anglo American (AAL) 3,538.50p -1.39% Tesco (TSCO) 246.50p -1.32% BP (BP.) 474.70p -1.27% Antofagasta (ANTO) 1,744.00p -0.94% British American Tobacco (BATS) 3,094.50p -0.90% GSK (GSK) 1,399.00p -0.84%
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