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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

FTSE 100 movers: Rolls-Royce rallies; Severn Trent hit by downgrade

(Sharecast News) - London's FTSE 100 was up 1.4% at 7,356.82 in afternoon trade on Tuesday. Engine maker Rolls-Royce was the standout gainer, probably on the back of fresh hopes for the travel industry after China said it would reduce the Covid quarantine period for visitors from overseas.

Shell and BP also gushed higher as oil prices rose.

On the downside, Severn Trent and United Utilities were both weaker on the back of a note by JPMorgan Cazenove.

JPM said the water sector has performed well since the start of the regulatory period on 1 April 2020, with all three listed companies delivering strong returns and asset growth, while maintaining dividend growth at least in line with inflation.

"However, we are turning cautious on the subsector, given our belief that returns from April 2025 will be lower than the market currently expects," it warmed.

The bank downgraded Severn Trent to 'underweight' form 'neutral', and maintained its preference for overweight-rated United Utilities on a relative basis to Severn.

FTSE 100 - Risers

Rolls-Royce Holdings (RR.) 86.81p 6.11% Centrica (CNA) 85.88p 4.48% Prudential (PRU) 1,050.00p 4.06% Shell (SHEL) 2,190.50p 3.69% BT Group (BT.A) 191.45p 3.51% BAE Systems (BA.) 821.80p 2.91% Harbour Energy (HBR) 373.40p 2.84% Standard Chartered (STAN) 621.40p 2.58% BP (BP.) 401.45p 2.52% Glencore (GLEN) 463.50p 2.37%

FTSE 100 - Fallers

Severn Trent (SVT) 2,696.00p -5.50% United Utilities Group (UU.) 1,016.50p -1.79% Flutter Entertainment (CDI) (FLTR) 8,578.00p -1.74% Intermediate Capital Group (ICP) 1,393.50p -1.69% Aveva Group (AVV) 2,413.00p -1.47% Halma (HLMA) 2,009.00p -1.33% Reckitt Benckiser Group (RKT) 6,150.00p -0.93% Rightmove (RMV) 572.80p -0.93% M&G (MNG) 199.15p -0.92% Spirax-Sarco Engineering (SPX) 9,684.00p -0.90%

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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