FTSE 100 movers: Anglo American soars as search for new CEO begins
Fri 26 Oct 2012
LONDON (SHARECAST) - Leading the risers was diversified mining titan Anglo American after announcing that it is on the look out for another CEO after Cynthis Carroll revealed her decision to resign.
"It is a very difficult decision to leave, but next year I will be entering my seventh year as Chief Executive and I feel that the time will be right to hand over to a successor who can build further on the strong foundations we have created," she said.
Engineering giant Weir was also a high riser after Morgan Stanley raised its target price for the stock from 1,440p to 1,670p. The broker still maintained its 'underweight' rating though.
Nomura has reduced its target price for advertising and media giant WPP from 1,030p to 980p after cutting its forecasts for organic growth on the back of a slowing macro-economic environment. Despite this, the stock was seen rising into the top 10, perhaps recovery from Thursday's losses, which saw it drop around 40p. The stock is down 4.3% over the past week, equal to 36p.
Mining group Kazakhmys has sunk after Exane BNP reiterated its "underperform" rating on the stock, a blow after yesterday's announcement that it remains on track to hit its targets for the full year after a solid third quarter.
Prudential dropped on reports the life insurance and pensions company's A+ credit rating is under threat from a downgrade by Standard & Poor's. According to the FT, there is a one in three chance that S&P would reduce its rating, primarily on the basis of low interest rates, which have created significant risks for the insurance sector.
ARM Holdings continued to head lower as investors take stock of a surge in its share price earlier in the week, which leapt after the chip designer beat forecasts in the third quarter and gave a confident outlook for the rest of the year.
FTSE 100 - Risers
Anglo American (AAL) 1,929.00p +3.85%
Weir Group (WEIR) 1,729.00p +2.43%
Evraz (EVR) 239.40p +1.70%
WPP (WPP) 801.50p +1.52%
Burberry Group (BRBY) 1,151.00p +1.50%
Admiral Group (ADM) 1,120.00p +1.45%
BG Group (BG.) 1,323.00p +1.22%
IMI (IMI) 928.00p +1.03%
Xstrata (XTA) 977.60p +0.93%
Tesco (TSCO) 317.70p +0.89%
FTSE 100 - Fallers
Kazakhmys (KAZ) 714.50p -2.92%
Wood Group (John) (WG.) 834.50p -1.65%
Resolution Ltd. (RSL) 207.80p -1.33%
Melrose (MRO) 234.60p -1.30%
Prudential (PRU) 842.00p -1.29%
ARM Holdings (ARM) 656.50p -1.28%
Petrofac Ltd. (PFC) 1,544.00p -1.22%
Standard Life (SL.) 285.20p -1.04%
British American Tobacco (BATS) 3,125.00p -0.98%
Vedanta Resources (VED) 1,125.00p -0.97%