FTSE 100 movers: IHG hit by downgrade; Ashtead rallies on guidance upgrade
London’s FTSE 100 was down 0.1% at 6,548.30 in afternoon trade on Tuesday.
InterContinental Hotels fell after Jefferies downgraded the stock to ‘underperform’ from ‘hold’ and cut the price target to 3,550p 4,100p on valuation grounds.
SSE was in the black after Ofgem said it was halving the returns the UK’s energy utilities are allowed to make, but by less than initially proposed.
The energy watchdog has ruled that the UK’s network companies, which run the pipes and wires that transport gas and electricity around the country, will be permitted a baseline rate of return of 4.3% from April 2021. That is down sharply from the current rate of 7-8% but an improvement on the 3.95% first proposed earlier this year.
Ashtead rallied after the equipment rental firm said full-year results were set to be ahead of its previous guidance.
FTSE 100 - Risers
3i Group (III) 1,165.50p 3.37%
Experian (EXPN) 2,755.00p 2.72%
SSE (SSE) 1,399.50p 2.64%
Smith (DS) (SMDS) 357.00p 2.41%
Johnson Matthey (JMAT) 2,378.00p 2.28%
Sainsbury (J) (SBRY) 216.10p 2.08%
Ashtead Group (AHT) 3,289.00p 1.86%
Intertek Group (ITRK) 5,804.00p 1.82%
Halma (HLMA) 2,320.00p 1.80%
Ocado Group (OCDO) 2,227.00p 1.60%
FTSE 100 - Fallers
InterContinental Hotels Group (IHG) 4,784.00p -3.41%
HSBC Holdings (HSBA) 400.05p -2.79%
Flutter Entertainment (FLTR) 14,635.00p -2.43%
Compass Group (CPG) 1,451.00p -2.39%
Berkeley Group Holdings (The) (BKG) 4,333.00p -1.99%
Standard Chartered (STAN) 470.90p -1.90%
Rolls-Royce Holdings (RR.) 128.75p -1.60%
Aveva Group (AVV) 3,215.00p -1.47%
Anglo American (AAL) 2,525.00p -1.42%
Coca-Cola HBC AG (CDI) (CCH) 2,295.00p -1.29%