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FTSE 100 movers: Vodafone rallies; Admiral hit by downgrade
(Sharecast News) - London's FTSE 100 was down 0.3% at 7,690.08 in afternoon trade on Thursday. Vodafone was the top gainer on the index following a report that Swisscom is weighing a possible offer for its Italian business next year.
BT Group also advanced following a report that Saudi Telecom may be preparing to approach the company's largest shareholder, Patrick Drahi, about raising its interest in the telco.
On the downside, Admiral fell after Berenberg downgraded shares of the insurer to 'hold' from 'buy'.
It noted that Admiral has been one of the strongest performers in the insurance sector in 2023, up by 29% year-to-date, and said it reckons the stock will continue to have EPS upgrades primarily due to the very strong re-pricing of the UK motor insurance market.
"However, we believe the complexity of its accounting leads to some risk and the high valuation multiple the company is already trading on may limit the upside in the near term," the bank said. Hence the downgrade to hold.
FTSE 100 - Risers
Vodafone Group (VOD) 68.73p 1.85% Smurfit Kappa Group (CDI) (SKG) 3,210.00p 0.88% B&M European Value Retail S.A. (DI) (BME) 579.60p 0.80% Rightmove (RMV) 567.20p 0.60% Rio Tinto (RIO) 5,816.00p 0.57% AstraZeneca (AZN) 10,538.00p 0.52% Sage Group (SGE) 1,179.00p 0.43% Pearson (PSON) 954.80p 0.42% 3i Group (III) 2,424.00p 0.41% BT Group (BT.A) 126.50p 0.36%
FTSE 100 - Fallers
Burberry Group (BRBY) 1,424.50p -4.49% Ocado Group (OCDO) 762.40p -3.37% United Utilities Group (UU.) 1,069.00p -2.86% British American Tobacco (BATS) 2,272.50p -2.72% Airtel Africa (AAF) 127.40p -1.85% Hikma Pharmaceuticals (HIK) 1,776.00p -1.72% Rentokil Initial (RTO) 437.00p -1.69% Standard Chartered (STAN) 651.20p -1.60% Admiral Group (ADM) 2,671.00p -1.58% Glencore (GLEN) 462.20p -1.48%
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