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FTSE 100 movers: M&G hit by rating downgrade; JMAT rallies
(Sharecast News) - London's FTSE 100 was down 0.2% at 7,767.04 in afternoon trade on Tuesday. M&G was knocked lower by a downgrade to 'hold' from 'buy' at Berenberg, while Berkeley was hit by a downgrade to 'underweight' at Morgan Stanley.
Bucking the trend, Diageo was sitting pretty at the top of the index after Investec upgraded shares of the drinks company to 'buy' from 'hold' on valuation grounds, following the share price decline.
It noted that Diageo is the largest spirits company in the world by sales and the third largest by market cap. It is also probably the most diversified spirits company across geographies and categories, Investec added.
In spite of this, it currently trades at a discount to all major spirits companies except Pernod.
Johnson Matthey gained after saying it had inked a long-term strategic partnership to supply Plug Power with the advanced materials necessary for its fuel cells and electrolysers from 2023.
Caterer Compass Group was a high riser after an upgrade to 'buy' at HSBC.
British American Tobacco rose after saying it was cutting the number of business units it operates and restructuring its regional set-up as part of a strategic review.
The number of regions will be reduced from four to three, and the number of business units from 16 to 12, the maker of Peter Stuyvesant cigarettes said.
FTSE 100 - Risers
Diageo (DGE) 3,504.00p 2.74% Johnson Matthey (JMAT) 2,219.00p 2.35% Compass Group (CPG) 1,936.50p 1.57% British American Tobacco (BATS) 3,102.50p 1.16% Unilever (ULVR) 4,114.00p 1.03% Flutter Entertainment (CDI) (FLTR) 12,600.00p 1.00% Haleon (HLN) 324.00p 1.00% Auto Trader Group (AUTO) 626.20p 0.80% Reckitt Benckiser Group (RKT) 5,768.00p 0.73% Phoenix Group Holdings (PHNX) 639.00p 0.60%
FTSE 100 - Fallers
Ocado Group (OCDO) 656.40p -3.81% M&G (MNG) 201.70p -2.56% Anglo American (AAL) 3,440.50p -2.27% Berkeley Group Holdings (The) (BKG) 4,088.00p -2.22% United Utilities Group (UU.) 1,054.00p -2.14% BT Group (BT.A) 125.55p -1.91% Rolls-Royce Holdings (RR.) 107.10p -1.85% Glencore (GLEN) 539.80p -1.71% Scottish Mortgage Inv Trust (SMT) 739.60p -1.70% Weir Group (WEIR) 1,794.00p -1.62%
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