FTSE 100 movers: Just Eat retreats; miners rally
London’s FTSE 100 was down 0.3% at 7,110.86 in afternoon trade on Monday.
Flutter Entertainment and Just Eat Takeaway were among the biggest losers.
On the upside, Berkeley Group was the top performer after JPMorgan Cazenove upgraded shares of the housebuilder to ‘overweight’ from ‘neutral’ and lifted the price target to 5,400p from 5,100p as it argued that concerns are overplayed.
The bank noted that Berkeley has underperformed the sector by 21% year-to-date and is now trading at a slight discount to the sector, versus an average premium of about 50% over the last 15 years.
"We view the concerns on the group’s MT earnings profile as overdone, and believe that the group’s strong attributes (longest duration landbank, strong returns and surplus cash) will come to the fore at the FY results on June 23," JPM said.
Miners Glencore, Antofagasta and Rio Tinto rallied as metals prices advanced, with iron ore and copper hitting fresh record highs.
Lloyds was in the black following a weekend report that it’s in advanced talks to buy Embark Group, a privately owned provider of savings and retirement products, for £400m.
FTSE 100 - Risers
Berkeley Group Holdings (The) (BKG) 4,879.00p 2.72%
Fresnillo (FRES) 934.60p 2.59%
Glencore (GLEN) 330.90p 2.53%
Lloyds Banking Group (LLOY) 47.69p 2.45%
BHP Group (BHP) 2,386.50p 2.10%
Barclays (BARC) 185.24p 2.04%
Antofagasta (ANTO) 1,910.00p 1.92%
Rio Tinto (RIO) 6,659.00p 1.90%
Rolls-Royce Holdings (RR.) 108.66p 1.80%
M&G (MNG) 221.30p 1.75%
FTSE 100 - Fallers
Scottish Mortgage Inv Trust (SMT) 1,150.00p -5.35%
Flutter Entertainment (CDI) (FLTR) 14,115.00p -3.49%
Just Eat Takeaway.Com N.V. (CDI) (JET) 6,874.00p -3.33%
Renishaw (RSW) 6,030.00p -3.05%
Whitbread (WTB) 3,197.00p -2.89%
Experian (EXPN) 2,732.00p -2.74%
Intermediate Capital Group (ICP) 2,067.00p -2.73%
Aveva Group (AVV) 3,261.00p -2.60%
Rightmove (RMV) 591.60p -2.54%
Avast (AVST) 451.90p -2.46%