Vox Markets Logo

FTSE 100 movers: Rolls-Royce rallies on broker note; miners fall

14:28, 11th December 2023

(Sharecast News) - London's FTSE 100 was down 0.5% at 7,514.27 in afternoon trade on Monday.
Rolls-Royce rallied as Citi lifted its price target on the shares to 431p from 294p as it increased its forecasts after the engine maker's capital markets day.

The bank said its earnings per share forecasts were up 27% in the near term and 52% in the long term, and the target price lifted, driven by "very strong" cash generation.

"In the near term, we believe cash flow will be helped by working capital unwind, but expect the medium term FCF of well over 30p per share (31p in 2025 rising to 38p in 2028) will be sustainable and should be valued accordingly," Citi said.

Miners Glencore and Rio Tinto were both lower after data showed that China is sinking deeper into deflationary territory.

British Gas owner Centrica was in the red as Morgan Stanley cut its price target on the shares and said it was lacking near-term catalysts to drive a further re-rating.

Utilities more broadly were weaker, with SSE and Severn Trent also down.

FTSE 100 - Risers

Rolls-Royce Holdings (RR.) 296.40p 2.45%
Antofagasta (ANTO) 1,544.50p 2.01%
Hargreaves Lansdown (HL.) 755.80p 0.99%
JD Sports Fashion (JD.) 168.50p 0.93%
Smurfit Kappa Group (CDI) (SKG) 3,066.00p 0.92%
Associated British Foods (ABF) 2,444.00p 0.91%
Barratt Developments (BDEV) 541.40p 0.89%
Melrose Industries (MRO) 564.40p 0.89%
Sainsbury (J) (SBRY) 297.30p 0.85%
DCC (CDI) (DCC) 5,562.00p 0.76%

FTSE 100 - Fallers

Glencore (GLEN) 439.60p -3.89%
Centrica (CNA) 144.30p -3.45%
Endeavour Mining (EDV) 1,709.00p -2.90%
SSE (SSE) 1,839.00p -2.31%
Standard Chartered (STAN) 646.80p -2.00%
Rio Tinto (RIO) 5,472.00p -1.99%
International Consolidated Airlines Group SA (CDI) (IAG) 155.55p -1.80%
St James's Place (STJ) 687.20p -1.77%
Burberry Group (BRBY) 1,492.50p -1.71%
Severn Trent (SVT) 2,675.00p -1.44%

TwitterFacebookLinkedIn

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

Recent Articles
Watchlist