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FTSE 100 movers: Whitbread rallies; WPP slumps on downgrade
(Sharecast News) - London's FTSE 100 was down 0.8% at 7,592.51 in afternoon trade on Thursday. Premier Inn owner Whitbread advanced as it maintained full-year guidance after a strong rise in accommodation sales during the third quarter, with momentum continuing into the fin al three months of the financial year.
Antofagasta gained after an upgrade to 'outperform' from 'sector perform' at RBC Capital Markets, which hiked its price target on the stock to 1,800p from 1,300p. Miners more generally were higher as metals price rose.
Marks & Spencer fell after saying it was set to deliver annual results in line with expectations and reporting an 8.1% rise in sales of the Christmas quarter but warning over higher costs.
WPP slumped after UBS double downgraded shares of the advertising giant to 'sell' and slashed the price target to 700p from 1,200p.
The bank said it expects depressed levels of free cash flow this year, and for organic growth to be below consensus expectations and peers in the medium term.
Informa lost ground despite hailing a strong performance in 2023 and expectations of further growth this year.
Taylor Wimpey dipped as the housebuilder said full-year profits would be towards the top of guidance but also cautioned that market remains "uncertain" despite a recent reduction in mortgage rates.
FTSE 100 - Risers
Whitbread (WTB) 3,645.00p 2.68% Anglo American (AAL) 1,857.40p 1.88% Antofagasta (ANTO) 1,610.50p 1.74% Rentokil Initial (RTO) 420.00p 1.47% Hikma Pharmaceuticals (HIK) 1,917.00p 1.40% BAE Systems (BA.) 1,170.00p 1.25% Airtel Africa (AAF) 131.40p 1.23% St James's Place (STJ) 640.20p 1.17% Shell (SHEL) 2,475.50p 1.14% Fresnillo (FRES) 530.00p 1.11%
FTSE 100 - Fallers
Marks & Spencer Group (MKS) 266.00p -4.21% WPP (WPP) 735.00p -3.21% Barclays (BARC) 148.00p -3.04% Associated British Foods (ABF) 2,271.00p -2.78% Informa (INF) 770.80p -1.83% Rolls-Royce Holdings (RR.) 303.70p -1.78% Berkeley Group Holdings (The) (BKG) 4,811.00p -1.78% Lloyds Banking Group (LLOY) 46.18p -1.74% SSE (SSE) 1,831.00p -1.72% Taylor Wimpey (TW.) 145.95p -1.65%
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