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FTSE 100 movers: Diageo and WPP in the black
(Sharecast News) - London's FTSE 100 was up 0.5% at 7,668.46 in afternoon trade on Tuesday. Drinks giant Diageo reversed earlier losses to trade up as it said first-half profits fell by more than a tenth as weakness in the Latin American and Caribbean (LAC) regions persisted, but pointed to improving trading conditions in the latter part of the financial year.
WPP was also in the black as the advertising firm backed its full-year guidance and set out its targets for 2024.
3i Group advanced as Barclays reiterated its 'overweight' rating on the shares and lifted the price target to 2,810p from 2,470p.
Ashtead gained as JPMorgan Cazenove reiterated its 'overweight' rating on shares of the equipment hire firm and hiked its price target to 6,800p from 5,600p.
JPM said that with the shares now trading at a 7% discount to their five-year average on EV/EBITA and at their widest discount to United Rentals - its closest peer - in five years, it sees the risk/ reward as attractive. It also reckons that as investors get more conviction on the earnings trajectory, shares should re-rate through the year, with scope for earnings upgrades too.
FTSE 100 - Risers
Auto Trader Group (AUTO) 738.00p 2.41% Diageo (DGE) 2,902.50p 2.15% 3i Group (III) 2,482.00p 2.01% WPP (WPP) 795.80p 1.95% Rentokil Initial (RTO) 415.30p 1.79% Smith & Nephew (SN.) 1,113.00p 1.69% Pershing Square Holdings Ltd NPV (PSH) 3,784.00p 1.67% Convatec Group (CTEC) 243.80p 1.58% Rolls-Royce Holdings (RR.) 308.60p 1.51% Ashtead Group (AHT) 5,290.00p 1.46%
FTSE 100 - Fallers
Airtel Africa (AAF) 115.90p -3.82% Mondi (MNDI) 1,424.60p -3.21% Entain (ENT) 959.20p -2.18% BT Group (BT.A) 112.70p -1.53% Barratt Developments (BDEV) 531.60p -1.52% Smurfit Kappa Group (CDI) (SKG) 3,010.00p -1.44% Smith (DS) (SMDS) 286.60p -1.27% B&M European Value Retail S.A. (DI) (BME) 528.20p -1.09% International Consolidated Airlines Group SA (CDI) (IAG) 150.85p -1.08% Schroders (SDR) 405.00p -1.03%
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