FTSE 100 movers: Flutter Entertainment rallies; BT boosted by broker note
London’s FTSE 100 was up 0.3% at 7,007.41 in afternoon trade on Friday.
Flutter Entertainment was a high riser following a report it is considering a potential £150m sale of Oddschecker, its odds comparison platform, after one of the company's rivals withdrew its data.
According to Sky News, the owner of Paddy Power and Betfair has hired investment bankers to work on a possible disposal of Oddschecker, which has had several owners since it was founded in 1999.
BT Group was also in the black as JPMorgan Cazenove said the company’s downgrade cycle is in the past and a 'major rerating' is called for.
The bank, which reiterated its 'overweight' rating, said BT has suffered major downgrades over the past five years but Openreach, its network division, will power upgrades as earnings surge.
BT's earnings before interest, tax, depreciation and amortisation have fallen 16% to £7.4bn in the past half decade and operating free cash flow has plunged 45% to £3.3bn. But earnings are now forecast to revive to more than £7.9bn by March 2023, allowing cash flow to revive even as spending on fibre increases, JP Morgan said.
FTSE 100 - Risers
Evraz (EVR) 634.00p 3.26%
Flutter Entertainment (CDI) (FLTR) 15,710.00p 2.58%
BT Group (BT.A) 154.00p 2.29%
Experian (EXPN) 2,726.00p 2.25%
Polymetal International (POLY) 1,560.00p 2.23%
Melrose Industries (MRO) 178.30p 2.15%
Barclays (BARC) 188.32p 1.99%
Mondi (MNDI) 1,981.00p 1.98%
Lloyds Banking Group (LLOY) 43.63p 1.92%
NATWEST GROUP PLC ORD 100P (NWG) 197.95p 1.90%
FTSE 100 - Fallers
London Stock Exchange Group (LSEG) 7,740.00p -2.03%
Barratt Developments (BDEV) 780.80p -1.76%
Intermediate Capital Group (ICP) 2,019.00p -1.51%
Aveva Group (AVV) 3,785.00p -1.46%
Prudential (PRU) 1,549.50p -1.34%
Taylor Wimpey (TW.) 189.50p -1.15%
United Utilities Group (UU.) 956.00p -1.08%
Hikma Pharmaceuticals (HIK) 2,383.00p -1.04%
Associated British Foods (ABF) 2,435.00p -0.98%
Coca-Cola HBC AG (CDI) (CCH) 2,491.00p -0.76%