FTSE 100 movers: Halma rallies on results; Hargreaves drops again
London's FTSE 100 was up 0.4% at 7,401.68 in afternoon trade on Tuesday as investors mulled the latest UK jobs data.
Safety, health and environment technology company Halma was the standout gainer as it posted record full-year results thanks to strong growth across all four of its sectors. In the year to the end of March, statutory pre-tax profit rose 20% to £206.7m on revenue of £1,21bn, up 13% on the previous year. Meanwhile, the total dividend per share was lifted by 7% to 15.71p.
In terms of sector, miners racked up the strongest gains as copper and iron ore prices advanced, with Antofagasta, Anglo American and BHP all higher. The sector was underpinned by signs that more government stimulus may be on its way in China.
On the downside, Tesco was under pressure even as UBS upped its price target on the stock to 315p from 305p and stuck to its 'buy' recommendation.
The investment bank said the market was "inherently sceptical" about Tesco, with the share price little changed year-on-year. But it said the retailer was now "a fundamentally stronger business" and had made "significant headway in what is a broad-based and sustainable recovery".
Hargreaves Lansdown was weaker again as Morgan Stanley cut its price target on the underweight-rated stock to 1,660p from 1,700p. It said the recent de-rating lowers the price-to-earnings premium back towards the five-year average but there is likely more to go.
"Risks to growth are increasing due to performance challenges reinforced by Woodford exposure, and reputation risks/regulatory scrutiny are possible overhangs," MS said.
Halma (HLMA) 1,983.50p 4.20%
Just Eat (JE.) 615.60p 3.29%
Smurfit Kappa Group (SKG) 2,357.00p 3.20%
Smith (DS) (SMDS) 342.50p 3.01%
Antofagasta (ANTO) 859.20p 2.97%
NMC Health (NMC) 2,334.00p 2.91%
Anglo American (AAL) 2,059.50p 2.49%
BHP Group (BHP) 1,896.40p 2.40%
Rio Tinto (RIO) 4,695.00p 2.35%
Evraz (EVR) 664.00p 2.31%
FTSE 100 - Fallers
Hargreaves Lansdown (HL.) 1,872.00p -2.14%
Centrica (CNA) 94.14p -1.57%
Standard Chartered (STAN) 699.40p -1.10%
Tesco (TSCO) 227.90p -1.09%
United Utilities Group (UU.) 815.60p -0.90%
Barclays (BARC) 151.82p -0.82%
Marks & Spencer Group (MKS) 218.80p -0.77%
Rightmove (RMV) 580.60p -0.75%
Pearson (PSON) 803.60p -0.74%
Admiral Group (ADM) 2,075.00p -0.67%