FTSE 100 movers: Informa boosted by Merrill note; Imperial Brands loses ground
London's FTSE 100 was up 0.1% at 7,264.50 in afternoon trade, turning positive as sterling slid on Brexit woes.
Informa was among the top gainers after Bank of America Merrill Lynch resumed coverage of the stock at 'buy' and added it to its Europe 1 list of top ideas.
It said the company's strong growth and scope for buybacks and M&A should see its near-25% discount to peers close. The bank also said exhibitions will provide more than half of Informa's revenue/profit after the UBM deal.
AstraZeneca was on the front foot after the pharmaceuticals giant and its partner, Daiichi Sankyo, announced positive results from a potential breast cancer drug trial.
Imperial Brands retreated as it reported a 3.8% rise in net revenues for the first half of its fiscal year to £3.66bn, but a 0.2% dip in total adjusted operating profits to £1.62bn and a 6.9% decline in tobacco volumes. British American Tobacco shares also fell.
Broadcaster ITV was the worst performer as it said total external revenue declined 4% in the three months to the end of March to £743m, while total advertising revenue was down 7% to £417m.
Russ Mould, investment director at AJ Bell, said: "Today’s update shows the first quarter decline in advertising revenue was at the top end of guidance.
"Several factors are conspiring to make the picture blurry here. In the first three months of the year the timing of Easter and Brexit uncertainty weighed, and the lack of a men’s football World Cup tournament will result in a big year-on-year fall in the current quarter.
"It is little wonder that ITV is reaching for new initiatives like its Britbox streaming joint venture with the BBC, on track to launch in the second half. Though this itself will constrain earnings in the short-term given the heavy upfront investment involved."
FTSE 100 - Risers
Micro Focus International (MCRO) 1,794.20p 2.84%
Informa (INF) 781.00p 2.76%
Reckitt Benckiser Group (RB.) 6,097.00p 1.63%
Royal Dutch Shell 'B' (RDSB) 2,408.50p 1.35%
AstraZeneca (AZN) 5,837.00p 1.28%
Royal Dutch Shell 'A' (RDSA) 2,401.50p 1.12%
Rightmove (RMV) 552.50p 1.06%
Relx plc (REL) 1,733.50p 1.02%
Unilever (ULVR) 4,632.50p 0.86%
Hargreaves Lansdown (HL.) 2,290.00p 0.79%
FTSE 100 - Fallers
Imperial Brands (IMB) 2,186.50p -6.06%
ITV (ITV) 124.10p -5.70%
TUI AG Reg Shs (DI) (TUI) 813.40p -4.49%
easyJet (EZJ) 1,054.00p -2.68%
British American Tobacco (BATS) 2,798.00p -2.63%
Evraz (EVR) 588.80p -2.58%
International Consolidated Airlines Group SA (CDI) (IAG) 502.40p -2.52%
SSE (SSE) 1,130.12p -2.24%
Glencore (GLEN) 283.20p -2.18%
Persimmon (PSN) 2,109.00p -2.09%