FTSE 100 movers: EasyJet flies lower on downgrade; miners rally
London's FTSE 100 was down 0.3% to 6,997.80 in afternoon trade on Wednesday as sterling ticked happily higher despite news that the UK will be much worse off under any Brexit scenario.
EasyJet flew lower as Kepler Cheuvreux cut the budget airline to 'hold' from 'buy'.
"While operating performance has been very solid over recent quarters and the balance sheet has remained strong, we believe the stock is unlikely to re-rate from current levels until more visibility on the summer schedule for 2019 is provided," it said.
Housebuilders were under the cosh amid worries about Brexit, with Taylor Wimpey, Persimmon, Barratt Developments and Berkeley Group all lower.
Miners bucked the trend, with Antofagasta the top gainer and Glencore also firmer as copper prices rose.
Elsewhere, Just Eat got a boost as Liberum upped its price target on the buy-rated stock to 1,250p from 850p and following a report that talks between Uber and Deliveroo had come to a halt.
Liberum noted that the shares have been hit hard by investor concerns over extra investment even as the company has increased revenue guidance.
"To us, the company's strategy is exactly the right one. As an online classified portal, Just Eat should be trying to gain as much market share as it can now to reap the benefits later," it said.
FTSE 100 - Risers
Antofagasta (ANTO) 807.80p 3.75%
Ocado Group (OCDO) 836.20p 2.48%
Ferguson (FERG) 4,929.00p 2.33%
Just Eat (JE.) 591.00p 2.25%
Glencore (GLEN) 288.55p 2.11%
Admiral Group (ADM) 2,095.00p 1.95%
Sage Group (SGE) 601.00p 1.86%
3i Group (III) 872.40p 1.58%
Rightmove (RMV) 445.55p 1.56%
Micro Focus International (MCRO) 1,557.68p 1.54%
FTSE 100 - Fallers
easyJet (EZJ) 1,167.50p -4.22%
Taylor Wimpey (TW.) 142.15p -3.69%
Persimmon (PSN) 2,042.00p -3.36%
TUI AG Reg Shs (DI) (TUI) 1,183.50p -2.91%
International Consolidated Airlines Group SA (CDI) (IAG) 639.40p -2.68%
Barratt Developments (BDEV) 482.80p -2.46%
Berkeley Group Holdings (The) (BKG) 3,381.00p -2.42%
Smith (DS) (SMDS) 332.98p -2.38%
Smurfit Kappa Group (SKG) 2,140.00p -2.37%
BAE Systems (BA.) 493.20p -1.95%