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FTSE 100 movers: JD Sports rallies; GSK hit by US Zantac ruling
(Sharecast News) - London's FTSE 100 was flat at 8,276.38 in afternoon trade on Monday. JD Sports jumped to the top of the index, having slumped on Friday after full-year results.
St James's Place rallied after an upgrade to 'overweight' from 'neutral' at JPMorgan Cazenove, which cited an attractive valuation and reducing uncertainty.
"Whilst we believe that negative news is largely behind us, this has not been reflected in valuation, with St James's Place trading at 7x FY25e," it said. "We expect that sentiment will improve given the resilience in gross flows, and we see upside to consensus net flow estimates."
Mike Ashley's Frasers Group was also in the black as it announced the appointment of Sir Jon Thompson, former chief executive officer of the Financial Reporting Council, as a non-executive director.
Thomson has also been chair of HS2, CEO of HMRC, and permanent secretary of the Ministry of Defence, where he oversaw major projects.
GSK tumbled after a US court ruled that jury trials could hear expert witnesses in cases brought by cancer sufferers claiming its Zantac heartburn drug caused their condition.
A judge in the Delaware State Court ruled that scientific experts would be able to testify there is a link between the plaintiffs' illnesses and their exposure to probable human carcinogens, through the Zantac drug.
FTSE 100 - Risers
JD Sports Fashion (JD.) 136.65p 7.18% St James's Place (STJ) 521.00p 4.28% Entain (ENT) 700.80p 3.79% easyJet (EZJ) 474.80p 3.22% Ocado Group (OCDO) 384.80p 3.00% Rightmove (RMV) 547.40p 2.66% International Consolidated Airlines Group SA (CDI) (IAG) 175.25p 2.25% CRH (CDI) (CRH) 6,248.00p 2.12% Frasers Group (FRAS) 900.00p 2.10% Land Securities Group (LAND) 665.00p 1.92%
FTSE 100 - Fallers
GSK (GSK) 1,612.00p -8.75% BP (BP.) 482.00p -1.26% Anglo American (AAL) 2,488.00p -1.01% Severn Trent (SVT) 2,365.00p -0.88% Compass Group (CPG) 2,174.00p -0.82% Fresnillo (FRES) 614.50p -0.81% Ashtead Group (AHT) 5,646.00p -0.74% Rio Tinto (RIO) 5,439.00p -0.68% United Utilities Group (UU.) 1,009.50p -0.64% Pearson (PSON) 942.60p -0.57%
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