FTSE 100 movers: Rightmove bounces back but IAG flies lower
London's FTSE 100 was up 0.5% at 7,145.32 in afternoon trade on Monday amid hopes that the US and China are nearing a trade deal.
Aerospace and Defence
11,071.80
15:45 10/05/24
FTSE 100
8,441.72
15:45 10/05/24
FTSE 350
4,638.66
15:45 10/05/24
FTSE All-Share
4,590.11
15:45 10/05/24
Health Care Equipment & Services
12,022.69
14:59 10/05/24
Media
12,372.66
15:45 10/05/24
NMC Health
938.40p
16:44 27/04/20
Rightmove
545.80p
15:45 10/05/24
Rolls-Royce Holdings
425.50p
15:45 10/05/24
Rightmove shares rose to the top of the index, having slumped on the back of results at the end of last week. Both Barclays and Exane BNP Paribas lifted their price targets on the stock. Barclays said that while growth is slowing and the decline in UK agents could accelerate, Rightmove "remains a very high quality business in a tough market".
NMC Health was also a high riser as Barclays said the company was "healthier than you think".
It noted growing investor interest in NMC's accounting, which contains some potential red flags such as low cash conversion, frequent bolt-on acquisitions and significant related party transactions.
"Conducting a forensic 'healthcheck' with our accounting team, we conclude that much of the low cash conversion is being driven by the expansion of a healthcare business based in the Middle East.
"Underlying this, we believe that the business remains robust, that recent acquisitions have been well executed, and that cash conversion should improve significantly as the business matures. We continue to like its strong and visible growth, and view recent share price weakness as an attractive entry point."
Melrose Industries advanced after the Sunday Times said it was trying to sell a division of GKN that makes tractor wheels as it looks to offload assets after its takeover of GKN last year.
Relx was recovering from losses at the end of last week, when its shares were a hit after the University of California cancelled its subscriptions with the company's Elsevier academic journals arm.
On the downside, British Airways and Iberia owner International Consolidated Airlines Group flew lower as the company was said to have clarified that 2019 free cash flow would lower than last year.
According to Reuters, the airline now expects FCF to drop this year due to operating profits being similar to 2018 and an increase in capex. It was understood that the company issued the clarification after there had been some confusion during a call with analysts last Thursday following the group's full-year results.
Aerospace and defence group Rolls-Royce retreated as it emerged that it has scaled back attempts to join a programme to build a new Turkish fighter jet.
Talks between Kale and Rolls-Royce ran into problems last year because of a dispute about the sharing of intellectual property and the involvement of a Qatari-Turkish company, the Financial Times reported.
FTSE 100 - Risers
Rightmove (RMV) 496.95p 5.31%
NMC Health (NMC) 2,888.00p 4.87%
Smith (DS) (SMDS) 347.60p 3.15%
Smurfit Kappa Group (SKG) 2,244.00p 2.75%
Melrose Industries (MRO) 182.50p 2.50%
Relx plc (REL) 1,648.50p 2.36%
Rentokil Initial (RTO) 355.40p 2.24%
Halma (HLMA) 1,609.43p 2.19%
Experian (EXPN) 2,011.00p 2.06%
Evraz (EVR) 584.40p 1.74%
FTSE 100 - Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 580.20p -3.78%
Fresnillo (FRES) 809.20p -1.80%
Vodafone Group (VOD) 132.46p -1.33%
easyJet (EZJ) 1,240.00p -1.27%
GVC Holdings (GVC) 658.00p -1.20%
TUI AG Reg Shs (DI) (TUI) 806.00p -0.64%
Direct Line Insurance Group (DLG) 356.40p -0.61%
Carnival (CCL) 4,241.00p -0.61%
Rolls-Royce Holdings (RR.) 900.40p -0.51%
CRH (CRH) 2,422.00p -0.49%