FTSE 100 movers: Evraz slumps; EasyJet flies higher on guidance upgrade
London’s FTSE 100 was down 0.6% at 7,602.20 in afternoon trade on Tuesday amid growing concerns about the coronavirus spread in China.
Russian steel maker Evraz was the standout loser, while miners Antofagasta, Rio Tinto and BHP all fell amid worries about China.
BHP was also in focus after it maintained full-year guidance for iron ore and thermal coal, despite the impact of the Australian bushfires on its coal operations. Thermal coal output fell 11% in the first half to 7m tonnes, BHP said as it released its December quarter production report and maintained its full year forecast of between 15m - 17m tonnes.
Pearson was under pressure after UBS downgraded its rating on shares of the education publisher to ‘neutral’ and slashed the price target to 600p from 820p as it cuts its 2021 earnings per share estimate by 20%.
"When we upgraded Pearson to buy in September 2019, we thought that group margins could be sustained as the impact of declines in US HE Courseware (24% of group revenues) could be offset by growth in other businesses, and further costs could be removed from the business. This thesis has not played out," it said.
On the upside, easyJet flew higher as the budget airline bumped up its first-half revenue guidance and said it expects a narrower first-half headline pre-tax loss compared with 2019's £275m.
FTSE 100 - Risers
easyJet (EZJ) 1,521.50p 4.93%
Legal & General Group (LGEN) 308.40p 2.05%
Melrose Industries (MRO) 241.50p 1.51%
Hargreaves Lansdown (HL.) 1,802.50p 1.44%
Associated British Foods (ABF) 2,665.00p 1.41%
Auto Trader Group (AUTO) 589.20p 0.96%
Lloyds Banking Group (LLOY) 58.45p 0.95%
Royal Bank of Scotland Group (RBS) 224.70p 0.90%
Berkeley Group Holdings (The) (BKG) 5,184.00p 0.82%
Kingfisher (KGF) 213.60p 0.75%
FTSE 100 - Fallers
Evraz (EVR) 403.10p -5.42%
Informa (INF) 828.20p -3.41%
InterContinental Hotels Group (IHG) 4,987.00p -3.09%
International Consolidated Airlines Group SA (CDI) (IAG) 637.80p -2.95%
NMC Health (NMC) 1,460.00p -2.67%
Antofagasta (ANTO) 954.80p -2.19%
Imperial Brands (IMB) 1,995.80p -2.09%
Rio Tinto (RIO) 4,583.50p -2.00%
Pearson (PSON) 578.40p -1.73%
BHP Group (BHP) 1,811.40p -1.62%