FTSE 100 movers: Fresnillo shines as gold prices rise; Weir falls
London's FTSE 100 was down 0.1% at 9,691.59 in afternoon trade on Friday.
Precious metals miner Fresnillo was the top gainer on the index as gold prices rose.
InterContinental Hotels rallied after Jefferies upgraded the shares to 'buy' from 'hold' and hiked the price target to 11,400p from 8,700p.
In a broader note on the sector, the bank said that at a time when growth is limited across the consumer industry, it views hotels as an attractive place, offering a positive short- and medium-term set-up, and with revenue per available room not the primary driver anymore.
Jefferies said it favours buy-rated Accor, which is its 'top pick', and IHG, "on beyond RevPar growth and attractive capital allocation, sustaining a double digit growth algo".
Premier Inn owner Whitbread was under the cosh, however, as Jefferies downgraded it to 'hold' from 'buy' and cut the price target to 2,100p from 3,100p. It cited downside risks from UK headwinds, partially offset by valuation.
Weir Group was weaker as it said it has agreed to buy the remaining 50% share of its Chile-based joint venture ESEL for a sterling equivalent purchase price of £56m.
It said the deal will strengthen its direct market channels and manufacturing capabilities in South America and accelerate the long-term market growth opportunity for Weir in the LATAM region.
FTSE 100 - Risers
Fresnillo (FRES) 2,986.00p 4.48%
Ashtead Group (AHT) 5,156.00p 2.91%
Flutter Entertainment (DI) (FLTR) 16,590.00p 2.12%
InterContinental Hotels Group (IHG) 10,250.00p 1.99%
Standard Chartered (STAN) 1,750.00p 1.92%
Antofagasta (ANTO) 3,014.00p 1.72%
BT Group (BT.A) 179.55p 1.58%
Burberry Group (BRBY) 1,236.50p 1.52%
Pershing Square Holdings Ltd NPV (PSH) 5,055.00p 1.42%
London Stock Exchange Group (LSEG) 8,514.00p 1.41%
FTSE 100 - Fallers
Metlen Energy & Metals (MTLN) 42.08p -2.83%
Whitbread (WTB) 2,356.00p -2.04%
British American Tobacco (BATS) 4,307.00p -1.76%
Rentokil Initial (RTO) 425.40p -1.64%
Weir Group (WEIR) 2,888.00p -1.63%
Tesco (TSCO) 438.90p -1.59%
Next (NXT) 13,400.00p -1.29%
DCC (CDI) (DCC) 5,080.00p -1.26%
Sainsbury (J) (SBRY) 319.80p -1.17%
Hikma Pharmaceuticals (HIK) 1,511.00p -1.11%
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.
