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FTSE 100 movers: Rolls-Royce rallies on upgrade; BP under the cosh
(Sharecast News) - London's FTSE 100 was flat at 7,328.37 in afternoon trade on Tuesday. Rolls-Royce was sitting pretty at the top of the index after an upgrade to 'overweight' from 'equalweight' at Barclays, which highlighted a "buying opportunity" after the shares de-rated around 10% in the past month.
BP was under the cosh as the oil giant reported a third-quarter underlying replacement cost profit of $3.3bn, an improvement from $2.6bn in the second quarter but down from $8.2bn in the same period a year earlier and missing forecasts of $4bn.
InterContinental Hotels was knocked lower by a downgrade to 'underweight' from 'neutral' at JPMorgan Cazenove.
In a research note on European hotels, JPM said: "Whilst concerns around weakening demand trends remain on top of investors' mind, as reflected in recent share price weakness at Whitbread and Accor (both down more than 10% in the last 6 weeks), also exacerbated by potential demand pressure in the Middle-East, we have been surprised by the outperformance of IHG, and now see the risk-reward as highly unappealing."
Vodafone was in the red as it announced an agreement to sell its Spanish business to Zegona Communications for up to €5bn.
The companies have also entered into an agreement whereby Vodafone will provide certain services to Vodafone Spain for a total annual service charge of around €110m.
FTSE 100 - Risers
Rolls-Royce Holdings (RR.) 212.10p 5.00% Standard Chartered (STAN) 640.40p 3.22% SEGRO (SGRO) 712.40p 2.74% Kingfisher (KGF) 209.80p 2.69% Smith & Nephew (SN.) 931.40p 2.62% Croda International (CRDA) 4,371.00p 2.44% Experian (EXPN) 2,490.00p 2.26% Entain (ENT) 933.00p 2.10% Unite Group (UTG) 868.50p 2.06% Halma (HLMA) 1,854.00p 1.95%
FTSE 100 - Fallers
BP (BP.) 503.10p -4.48% Airtel Africa (AAF) 112.20p -2.35% InterContinental Hotels Group (IHG) 5,880.00p -1.87% Glencore (GLEN) 443.30p -1.71% Shell (SHEL) 2,658.00p -1.08% Ocado Group (OCDO) 458.40p -0.93% Antofagasta (ANTO) 1,357.00p -0.88% Vodafone Group (VOD) 76.15p -0.76% BAE Systems (BA.) 1,095.00p -0.73% Rightmove (RMV) 478.50p -0.42%
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