FTSE 100 movers: Rolls-Royce retreats; SSE rallies
London’s FTSE 100 was down 0.5% at 5,974.61 in afternoon trade on Tuesday.
Stocks with exposure to the Covid-19 crisis and related restrictions were under pressure, with engine maker Rolls-Royce, GKN owner Melrose and British Airways and Iberia parent IAG all lower.
On the upside, Experian was the top gainer after Credit Suisse upped its price target on the credit-checking firm to 3,600p from 3,450p as it lifted its earnings per share estimates by 2-4% for FY22-23 to reflect strong growth in Brazilian and North American B2C.
The bank, which rates Experian at ‘outperform’, said the Brazilian B2C market is a new and rapidly growing business that can add significantly to group growth.
"We estimate an addressable market of $2.3bn compared to $40m revenues in FY20 highlighting the opportunity set in a country where Experian already is the clear leader in the B2B market," it said.
SSE was also a high riser after agreeing to sell its 50% share in its Multifuel energy-from-waste ventures to Australian fund manager First Sentier Investors for £995m in cash as part of its £2bn disposal programme.
Tesco and Morrisons were both higher after the release of the latest Nielsen and Kantar supermarket data.
FTSE 100 - Risers
Experian (EXPN) 3,075.00p 2.02%
Tesco (TSCO) 223.20p 1.87%
Morrison (Wm) Supermarkets (MRW) 174.95p 1.48%
Bunzl (BNZL) 2,555.00p 1.47%
Scottish Mortgage Inv Trust (SMT) 1,068.00p 1.14%
SSE (SSE) 1,341.00p 1.13%
Sainsbury (J) (SBRY) 202.30p 1.05%
Polymetal International (POLY) 1,724.50p 0.85%
Halma (HLMA) 2,482.00p 0.65%
Antofagasta (ANTO) 1,031.50p 0.63%
FTSE 100 - Fallers
Rolls-Royce Holdings (RR.) 184.35p -5.39%
Land Securities Group (LAND) 536.70p -3.90%
Lloyds Banking Group (LLOY) 26.99p -3.85%
Melrose Industries (MRO) 126.00p -3.41%
International Consolidated Airlines Group SA (CDI) (IAG) 98.50p -3.19%
Smurfit Kappa Group (SKG) 3,122.00p -3.16%
Smith (DS) (SMDS) 304.30p -3.03%
British Land Company (BLND) 361.80p -2.98%
Hargreaves Lansdown (HL.) 1,499.00p -2.79%
Berkeley Group Holdings (The) (BKG) 4,293.00p -2.68%