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FTSE 100 movers: Miners boosted by JPM note; Entain in the red
(Sharecast News) - London's FTSE 100 was up 1.5% at 7,639.66 in afternoon trade on Thursday. Miners were on the rise after an upbeat note by JPMorgan Cazenove. The bank upgraded Rio Tinto to 'neutral' from 'underweight'. It also lifted its price target for Anglo American to 2,900p from 2,650p and said it remains its "top pick" in the sector, with "stronger value unlock potential".
Flutter Entertainment was also boosted by a broker note, as HSBC upped its price target on the shares to 18,100p from 17,900p. The bank, which retained its 'buy' recommendation, said it does not think the valuation reflects the underlying pace of growth.
"We are reassured by the underlying growth at H1, and think that this suggests our forecasts for this year and next are well underpinned. This growth is not reflected in the valuation of the group, as we see it," HSBC said.
On the downside, however, Ladbrokes owner Entain was knocked lower by a note from HSBC, which slashed its price target on the 'buy' rated shares to 1,540p from 1,830p.
"A fresh look at Entain's underlying growth casts it in a less positive light than before, and so we cut our target price," HSBC said.
Melrose and Intertek also lost ground as they traded without entitlement to the dividend.
FTSE 100 - Risers
Anglo American (AAL) 2,227.50p 6.07% Rio Tinto (RIO) 5,217.00p 4.65% Glencore (GLEN) 447.00p 3.50% Smurfit Kappa Group (CDI) (SKG) 2,870.00p 3.24% Airtel Africa (AAF) 122.10p 2.86% Severn Trent (SVT) 2,459.00p 2.54% BP (BP.) 520.90p 2.50% Flutter Entertainment (CDI) (FLTR) 14,330.00p 2.39% Haleon (HLN) 326.95p 2.12% United Utilities Group (UU.) 967.00p 2.09%
FTSE 100 - Fallers
Entain (ENT) 1,139.50p -2.19% Kingfisher (KGF) 229.60p -1.46% InterContinental Hotels Group (IHG) 6,144.00p -1.16% Melrose Industries (MRO) 495.60p -1.12% Next (NXT) 7,104.00p -1.03% RS Group (RS1) 741.20p -1.01% Intertek Group (ITRK) 4,151.00p -0.86% Convatec Group (CTEC) 223.80p -0.80% Smith & Nephew (SN.) 1,059.50p -0.80% Whitbread (WTB) 3,614.00p -0.74%
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