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FTSE 100 movers: Miners gain; IHG hit by downgrade
(Sharecast News) - London's FTSE 100 was flat at 7,478.90 in afternoon trade on Friday. Miners Antofagasta, Rio Tinto and Anglo American rallied as commodity prices rose.
On the downside, InterContinental Hotels fell after JPMorgan cut its stance on the stock to 'neutral' from 'overweight' and reduced the price target to 5,900p from 6,100p as it argued there is limited upside left.
In a note on EU hotels, the bank said: "We struggle to see upside to current multiples, with most of the reopening related good news behind us and concerns about the sustainability of pricing (combined with uncertain macro/consumer)."
It added that the shares trade in line with historical multiples, having performed relatively well year-to-date, outperforming Accor and Premier Inn owner Whitbread.
FTSE 100 - Risers
Harbour Energy (HBR) 490.00p 3.46% Antofagasta (ANTO) 1,192.00p 2.14% Rio Tinto (RIO) 5,055.00p 2.10% Anglo American (AAL) 2,977.50p 1.99% Centrica (CNA) 82.94p 1.84% Persimmon (PSN) 1,511.00p 1.75% Haleon (HLN) 267.80p 1.59% Prudential (PRU) 930.20p 1.51% Barratt Developments (BDEV) 436.40p 1.46% Aveva Group (AVV) 2,808.00p 1.41%
FTSE 100 - Fallers
Relx plc (REL) 2,325.00p -2.47% InterContinental Hotels Group (IHG) 4,855.00p -2.24% Experian (EXPN) 2,715.00p -2.16% Entain (ENT) 1,256.00p -1.95% Intertek Group (ITRK) 4,062.00p -1.36% RS Group (RS1) 1,114.00p -1.33% Smith (DS) (SMDS) 263.40p -1.27% Croda International (CRDA) 6,934.00p -1.20% Howden Joinery Group (HWDN) 581.20p -1.16% Sainsbury (J) (SBRY) 206.10p -1.15%
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