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FTSE 100 movers: Banks gain; Burberry in the red
(Sharecast News) - London's FTSE 100 was down 1% at 8,242.74 in afternoon trade on Friday. Banks were among the top performers, with NatWest and HSBC both higher.
Burberry was under the cosh ahead of its demotion from the top-flight index and as Jefferies downgraded the shares to 'underperform' from 'hold' and slashed the price target to 490p from 800p as it took a look at European luxury brands.
"A change in management (presumably to be followed by a tilt in strategic direction) and a challenged demand backdrop make for an especially uncertain future at Burberry," it said.
"Our 'underperform' recognises that the stock is likely to continue to suffer from an uncertainty overhang.
"And even once the current exceptional GM pressures are recovered, the valuation case for ownership remains weaker than at most peers."
FTSE 100 - Risers
Smurfit Westrock (DI) (SWR) 3,634.00p 1.20% National Grid (NG.) 1,034.50p 1.12% NATWEST GROUP (NWG) 338.70p 1.10% HSBC Holdings (HSBA) 663.80p 0.84% Scottish Mortgage Inv Trust (SMT) 815.00p 0.67% United Utilities Group (UU.) 1,062.50p 0.66% Glencore (GLEN) 381.95p 0.55% Entain (ENT) 739.80p 0.49% Fresnillo (FRES) 591.00p 0.42% International Consolidated Airlines Group SA (CDI) (IAG) 208.90p 0.38%
FTSE 100 - Fallers
Burberry Group (BRBY) 597.80p -4.57% Croda International (CRDA) 3,925.00p -3.44% Hikma Pharmaceuticals (HIK) 1,901.00p -3.21% Kingfisher (KGF) 321.20p -3.19% SSE (SSE) 1,934.50p -3.11% Next (NXT) 10,070.00p -3.08% Frasers Group (FRAS) 855.50p -3.00% Ashtead Group (AHT) 5,614.00p -2.87% Mondi (MNDI) 1,405.50p -2.83% Antofagasta (ANTO) 1,806.00p -2.80%
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