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FTSE 100 movers: Flutter flies higher; Kingfisher hit by downgrade
(Sharecast News) - London's FTSE 100 was up 0.4% at 7,493.40 in afternoon trade on Friday. Bookmaker Flutter surged to the top of the index as it said US revenues were set to be ahead of expectations and that interim pre-tax losses had widened in the first half.
AJ Bell's Danni Hewson said: "Flutter Entertainment took the top slot among the FTSE risers, with the shares jumping after the company said there were no signs of consumers betting less - something the market had been fearing given the cost-of-living crisis.
"This reinforces the idea that people will be happy to keep betting in the hope of winning big during more difficult economic times."
GlaxoSmithKline gained after saying it would that it would "vigorously defend" all claims related to its now-discontinued heartburn drug Zantac. It also said that both the FDA and the European Medicines Agency have concluded there is no evidence of a causal association between ranitidine therapy (marketed as Zantac) and the development of cancer.
Shares in the pharmaceuticals giant had tumbled on Thursday amid worries about upcoming litigation.
B&Q owner Kingfisher was knocked lower by a downgrade to 'sell' from 'neutral' at UBS.
FTSE 100 - Risers
Flutter Entertainment (CDI) (FLTR) 10,455.00p 11.44% Mondi (MNDI) 1,696.50p 10.67% GSK (GSK) 1,465.60p 4.69% Centrica (CNA) 80.64p 3.70% Entain (ENT) 1,404.50p 3.46% NATWEST GROUP PLC ORD 100P (NWG) 261.30p 1.83% Barclays (BARC) 171.90p 1.73% Admiral Group (ADM) 2,266.00p 1.43% Standard Chartered (STAN) 607.20p 1.30% Smurfit Kappa Group (CDI) (SKG) 3,200.00p 1.27%
FTSE 100 - Fallers
Dechra Pharmaceuticals (DPH) 3,528.00p -3.50% Antofagasta (ANTO) 1,134.50p -2.78% Fresnillo (FRES) 733.60p -2.24% Scottish Mortgage Inv Trust (SMT) 906.20p -2.20% Kingfisher (KGF) 250.50p -2.07% JD Sports Fashion (JD.) 128.90p -2.01% Anglo American (AAL) 2,949.00p -1.93% London Stock Exchange Group (LSEG) 8,164.00p -1.66% Airtel Africa (AAF) 143.70p -1.51% Endeavour Mining (EDV) 1,767.00p -1.28%
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