FTSE 100 movers: NMC Health rallies on JV; Old Mutual moves lower

London's FTSE 100 was up 0.7% to 7,730.85 in afternoon trade on Monday, racking up healthy gains as the pound lost ground on the back of disappointing data, with all eyes on the Trump-Kim summit on Tuesday.

NMC Health was a strong performer after announcing that it will form a joint venture with Hassana Investment Co to create a new private healthcare platform in Saudi Arabia.

British American Tobacco was on the rise as Goldman Sachs reiterated its 'buy' rating on the stock, saying the selloff was unmerited.

It noted the stock is down 25% year-to-date, making it the worst-performing among its large-cap European staples coverage. GS cited concerns about the ability to pay down debt quickly, disruption from new entrants in next generation products and low growth within combustible cigarettes.

"In summary, we believe these concerns are overdone and the stock's valuation fails to reflect the company's growth profile, including its holding in ITC, investments in NGPs and exposure to emerging markets (EMs) all of which underpin our expected 8.5% average earnings per share growth (c.FX) over the next three years."

On the downside, Old Mutual slipped as it said its IPO range for wealth management arm Quilter was set at 125p to 155p per share.

HSBC retreated after it announced plans to invest between $15bn and $17bn in growth and technology as it gets back into "growth mode".

Experian was in the red as Deutsche Bank cut the stock to 'hold' from 'buy' saying the improved growth outlook is priced in.

"Experian is now pricing in ongoing high single digit growth, however, we expect the company will see slower growth in H2 for several reasons expanded upon in this report. Whilst the stock deserves a higher rating for faster growth, after the recent rise in the stock we downgrade," it said.

Rolls-Royce, which is expected to reveal more than 4,000 job cuts this week, declined after saying it will carry out more tests on some Trent 1000 engines that are used by Boeing after it identified a durability issue.

FTSE 100 - Risers

Evraz (EVR) 544.20p 8.97%
NMC Health (NMC) 3,558.00p 3.61%
Smith (DS) (SMDS) 568.87p 2.35%
Standard Chartered (STAN) 742.60p 2.20%
British American Tobacco (BATS) 3,728.00p 1.97%
Marks & Spencer Group (MKS) 295.30p 1.83%
WPP (WPP) 1,238.00p 1.81%
St James's Place (STJ) 1,214.00p 1.76%
easyJet (EZJ) 1,741.50p 1.63%
Glencore (GLEN) 390.05p 1.62%

FTSE 100 - Fallers

Ferguson (FERG) 5,967.00p -4.09%
Old Mutual (OML) 216.70p -2.56%
Mediclinic International (MDC) 542.80p -1.45%
Barratt Developments (BDEV) 577.60p -1.43%
Severn Trent (SVT) 1,914.00p -1.19%
Centrica (CNA) 144.01p -1.02%
Experian (EXPN) 1,865.00p -0.96%
Rolls-Royce Holdings (RR.) 827.60p -0.93%
Morrison (Wm) Supermarkets (MRW) 244.30p -0.77%
Taylor Wimpey (TW.) 189.80p -0.65%