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FTSE 100 movers: WPP, Reckitt rally on results
(Sharecast News) - London's FTSE 100 was down 0.5% at 8,267.31 in afternoon trade on Wednesday. Advertising giant WPP rallied after saying it returned to growth in the third quarter, as it reiterated its outlook for the year. Third-quarter like-for-like revenue less pass-through costs rose 0.5%, with reported revenue up 1.4% and LFL revenue up 4.1%.
Russ Mould, investment director at AJ Bell, said: "WPP is one of the biggest economic bellwethers on the UK stock market. If companies are feeling confident about the outlook, they're more likely to spend money on marketing and advertising. If they're worried about an economic downturn, they cut back on promotions. That's why WPP is a highly cyclical stock and its updates typically provide a clue on corporate confidence.
"Its third quarter update doesn't ring any alarm bells, but neither does it scream great times ahead. While WPP works for some of the world's biggest companies, its third quarter net new billings only showed minimal progress year-on-year. Year-to-date the figure is running behind 2023's equivalent. North America, Western Europe and India are doing well, China is not.
"With no change to full-year guidance, there is a sense of caution around WPP's update and while it talks with optimism, in reality it could be a tough few months to go."
Reckitt Benckiser gained as the consumer goods giant's third-quarter like-for-like net sales growth beat estimates.
Barratt Redrow advanced as it highlighted "more stable" market conditions, said integration of the two businesses had begun "at pace" and that it expects to deliver cost synergies of at least £90m.
FTSE 100 - Risers
WPP (WPP) 809.20p 4.60% Reckitt Benckiser Group (RKT) 4,908.00p 3.04% Barratt Redrow (BTRW) 486.90p 2.85% JD Sports Fashion (JD.) 137.15p 2.27% Smurfit Westrock (DI) (SWR) 3,474.00p 1.67% Rentokil Initial (RTO) 377.20p 1.40% Flutter Entertainment (DI) (FLTR) 17,870.00p 0.99% Smith (DS) (SMDS) 465.80p 0.60% Pearson (PSON) 1,035.00p 0.53% Whitbread (WTB) 3,332.00p 0.45%
FTSE 100 - Fallers
Unilever (ULVR) 4,646.00p -2.37% 3i Group (III) 3,310.00p -2.16% Intermediate Capital Group (ICG) 2,078.00p -2.07% IMI (IMI) 1,753.00p -1.74% Phoenix Group Holdings (PHNX) 514.00p -1.63% InterContinental Hotels Group (IHG) 8,574.00p -1.61% Anglo American (AAL) 2,341.50p -1.60% Antofagasta (ANTO) 1,802.00p -1.50% Smiths Group (SMIN) 1,589.00p -1.49% M&G (MNG) 202.70p -1.46%
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