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FTSE 100 movers: IAG, Beazley boosted by broker upgrades
(Sharecast News) - London's FTSE 100 was up 0.3% at 7,640.88 in afternoon trade on Friday. Insurer Beazley was a high riser after a double upgrade to 'buy' from 'sell' at UBS.
The bank said the balance sheet is in a stronger position than it expected, consensus earnings are now reset, and the shares are close to a 10-year low on price-to-earnings.
Hiscox was also in the black. UBS said in its note on Beazley: "here is sufficient upside for us to double upgrade the stock to buy rating, though we maintain our preference for Hiscox and Lancashire in the well-liked London Market peer group."
BA and Iberia owner IAG was also boosted by broker notes. Deutsche Bank lifted its stance on the shares to 'buy' from 'hold', while Barclays upgraded it to 'overweight' from 'equalweight'.
FTSE 100 - Risers
M&G (MNG) 199.60p 4.72% Beazley (BEZ) 608.00p 3.93% Pearson (PSON) 840.00p 2.97% International Consolidated Airlines Group SA (CDI) (IAG) 152.00p 2.29% Hiscox Limited (DI) (HSX) 1,121.00p 2.05% Rentokil Initial (RTO) 592.00p 1.82% BT Group (BT.A) 146.65p 1.77% Endeavour Mining (EDV) 2,008.00p 1.62% Burberry Group (BRBY) 2,579.00p 1.50% Auto Trader Group (AUTO) 613.40p 1.42%
FTSE 100 - Fallers
Imperial Brands (IMB) 1,879.00p -1.52% Airtel Africa (AAF) 106.60p -1.20% Prudential (PRU) 1,102.00p -1.12% HSBC Holdings (HSBA) 550.50p -0.86% Persimmon (PSN) 1,260.00p -0.79% Smurfit Kappa Group (CDI) (SKG) 2,919.00p -0.75% Barratt Developments (BDEV) 469.00p -0.72% Glencore (GLEN) 463.30p -0.71% Taylor Wimpey (TW.) 118.40p -0.67% Fresnillo (FRES) 743.20p -0.67%
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