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FTSE 100 movers: Admiral recovers; Ocado down ahead of update
(Sharecast News) - London's FTSE 100 was down 0.5% at 7,590.10 in afternoon trade on Monday. Admiral was among the top performers, having tumbled last week amid speculation of a potential clampdown on premium finance.
Ocado was in the red ahead of a trading update on Tuesday, which will focus on its joint venture with Marks & Spencer, Ocado Retail.
Burberry slumped after Goldman Sachs cut its stance on shares of the luxury fashion brand to 'neutral' from 'buy' and slashed the price target to 1,663p from 2,345p.
Goldman said it continues to like the long-term growth opportunity at Burberry, but it has been too optimistic on the pace of the life-for-like acceleration and required levels of investment to support it, which delays its margin expansion thesis.
"Our prior positive stance on the investment thesis at Burberry was based on new product driving an acceleration in LFL growth and improved store densities, which in turn drive margin expansion," it said.
"Whilst management reiterated its £4bn revenue ambition in the trading update (12th January) we expect it will take longer than initially planned."
Banks HSBC and Lloyds were also in the red.
FTSE 100 - Risers
Flutter Entertainment (CDI) (FLTR) 13,055.00p 2.07% Admiral Group (ADM) 2,620.00p 1.47% International Consolidated Airlines Group SA (CDI) (IAG) 145.85p 1.04% Rightmove (RMV) 568.80p 1.03% Aviva (AV.) 431.70p 0.86% Tesco (TSCO) 299.40p 0.84% Beazley (BEZ) 510.00p 0.79% Compass Group (CPG) 2,193.00p 0.69% Antofagasta (ANTO) 1,647.00p 0.67% Associated British Foods (ABF) 2,278.00p 0.57%
FTSE 100 - Fallers
Ocado Group (OCDO) 617.40p -5.34% Burberry Group (BRBY) 1,230.00p -4.32% HSBC Holdings (HSBA) 593.20p -2.77% B&M European Value Retail S.A. (DI) (BME) 555.00p -2.15% St James's Place (STJ) 623.80p -2.13% Lloyds Banking Group (LLOY) 44.05p -2.08% Experian (EXPN) 3,104.00p -1.96% Land Securities Group (LAND) 676.00p -1.29% Sage Group (SGE) 1,158.50p -1.24% Spirax-Sarco Engineering (SPX) 9,874.00p -1.22%
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