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FTSE 100 movers: Rolls-Royce soars on China hopes, Jefferies upgrade
(Sharecast News) - FTSE 100: 7,546, up 1.28% at 1550 GMT. Stocks in London were holding on to early gains in the first trading session of the year, helped by a drop in sterling and amid optimism around the reopening of the Chinese economy.
That news helped boost British Airways owner IAG on hopes of rebound in passenger numbers to and from one of its key markets.
Aircraft engine maker Rolls-Royce also rode the wave of optimism. The stock also got a lift from an upgrade by Jefferies upgraded the stock to a 'buy' from 'hold', with a target price of 125p, up from 90p.
The company is now under the new leadership of Tufan Erginbilgic, who took over from Warren East. Jefferies said the group was likely to benefit from potential credit upgrades, the ongoing recovery of the aviation industry, and the reopening of the Chinese economy.
The improved mood also lifted housebuilders, including Barratt and Persimmon.
Energy suppliers were lower as the price of wholesale gas fell and a milder spell of weather helped to cut usage. Shares in British Gas owner Centrica and SSE were both more than 3% lower.
FTSE 100 - Risers
Rolls-Royce Holdings (RR.) 97.93p 5.08% Ocado Group (OCDO) 646.80p 4.86% International Consolidated Airlines Group SA (CDI) (IAG) 128.58p 3.83% Barratt Developments (BDEV) 411.90p 3.81% Prudential (PRU) 1,167.50p 3.55% Persimmon (PSN) 1,260.00p 3.53% CRH (CDI) (CRH) 3,411.00p 3.39% Land Securities Group (LAND) 641.80p 3.28% Sainsbury (J) (SBRY) 224.70p 3.22% Whitbread (WTB) 2,650.00p 3.11%
FTSE 100 - Fallers
Centrica (CNA) 93.38p -3.25% SSE (SSE) 1,660.50p -3.01% Beazley (BEZ) 668.00p -1.69% Glencore (GLEN) 546.70p -1.03% Abrdn (ABDN) 187.35p -1.00% Scottish Mortgage Inv Trust (SMT) 716.60p -0.86% Coca-Cola HBC AG (CDI) (CCH) 1,957.00p -0.81% Haleon (HLN) 324.70p -0.81% Fresnillo (FRES) 894.60p -0.80% Diageo (DGE) 3,635.00p -0.41%
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