FTSE 100 movers: JD Sports boosted by broker note; Bunzl falls
London’s FTSE 100 was up 0.6% at 6,552.50 in afternoon trade on Wednesday amid Brexit and US stimulus hopes.
Investment platform Hargreaves Lansdown was sitting pretty at the top of the index.
JD Sports was a high riser after Berenberg lifted its price target to 975p from 900p following its acquisition of US sports lifestyle retailer Shoe Palace.
The bank said: "JD’s recent approach of Debenhams weighed on sentiment, but this is a deal investors will like. Shoe Palace is a high-quality, complementary business, which strengthens JD’s position in the US market and further increases its relevance to consumers and brands."
On the downside, Bunzl was under the cosh after the distribution and services group forecast revenue growth of 8% in 2020, but lower growth next year as larger Covid-19 related orders slowed down.
The company said organic revenue growth continued to reflect diverging trends between the strength of Covid-19 related product sales, including a higher proportion of imported own brand products such as gloves, masks, sanitisers and disinfectants, and declines in the sales of other products.
Bunzl said it expected growth in Covid-19 related sales over the fourth quarter to be driven by the ongoing support of smaller orders, whilst larger orders will continue to slow.
FTSE 100 - Risers
Hargreaves Lansdown (HL.) 1,520.00p 4.94%
JD Sports Fashion (JD.) 843.60p 3.56%
SEGRO (SGRO) 939.40p 3.46%
Barratt Developments (BDEV) 642.60p 3.44%
M&G (MNG) 196.85p 3.31%
Rightmove (RMV) 650.00p 3.04%
Avast (AVST) 522.50p 2.85%
Phoenix Group Holdings (PHNX) 732.40p 2.81%
Legal & General Group (LGEN) 260.90p 2.80%
Johnson Matthey (JMAT) 2,576.00p 2.71%
FTSE 100 - Fallers
Bunzl (BNZL) 2,330.00p -5.90%
Standard Chartered (STAN) 471.90p -1.65%
Just Eat Takeaway.Com N.V. (CDI) (JET) 7,754.00p -1.35%
HSBC Holdings (HSBA) 397.45p -1.29%
Smurfit Kappa Group (SKG) 3,436.00p -1.26%
Compass Group (CPG) 1,421.00p -1.04%
Mondi (MNDI) 1,798.50p -0.96%
Rolls-Royce Holdings (RR.) 114.35p -0.82%
Smiths Group (SMIN) 1,559.00p -0.80%
London Stock Exchange Group (LSE) 8,772.00p -0.79%