FTSE 100 movers: Micro Focus hit by downgrade but BAE Systems gains
By Michele Maatouk
Date: Monday 16 Jul 2018
(Sharecast News) - London's FTSE 100 was down 0.9% to 7,592.81 in afternoon trade on Monday as energy shares retreated.
Micro Focus was under the cosh as Credit Suisse downgraded the stock to 'underperform' from 'neutral' following its recent results.
"Management delivered a poor interim results update, offering limited comfort on the medium-term future," the bank said.
Hargreaves Lansdown was also weaker after the Financial Conduct Authority said it might ban exit fees on investment platforms to help boost competition in the sector.
Artjom Hatsaturjants, research analyst at Accendo Markets, said' "Around half of the largest online investment platforms charge exit fees, so Hargreaves Lansdown is far from the only company affected. Being the largest, though, means it is the biggest target for potential new rules."
Oil giants BP and Royal Dutch Shell gushed lower as oil prices fell after Saudi Arabia was said to be offering extra crude supplies to some of its customers following a plan to boost output. Brent crude slid 2.8% to $73.28 a barrel and West Texas Intermediate was down 2.2% to $69.48.
Insurer Admiral was under the cosh as it emerged that the cost of a comprehensive car insurance premium fell 11% in the second quarter, marking the biggest drop since 2014, according to Confused.com and Willis Towers Watson.
"The dramatic fall in car insurance prices since last year is testament to the impact the Ogden Rate discount had on insurers," Confused.com said.
On the upside, BAE Systems was among the risers as a model of the UK's planned new fighter jet, the Tempest, was unveiled at the Farnborough Air Show. The aircraft will be developed and built by BAE Systems, Rolls-Royce and Italy's Leonardo.
FTSE 100 - Risers
Just Eat (JE.) 848.00p 0.90%
Smiths Group (SMIN) 1,747.00p 0.69%
Johnson Matthey (JMAT) 3,685.00p 0.55%
Ocado Group (OCDO) 1,035.00p 0.53%
Melrose Industries (MRO) 220.70p 0.50%
BAE Systems (BA.) 674.40p 0.45%
CRH (CRH) 2,702.00p 0.41%
Standard Chartered (STAN) 673.10p 0.31%
NMC Health (NMC) 3,698.00p 0.22%
Paddy Power Betfair (PPB) 8,452.50p 0.21%
FTSE 100 - Fallers
Micro Focus International (MCRO) 1,227.00p -4.03%
Hargreaves Lansdown (HL.) 1,990.00p -3.26%
WPP (WPP) 1,207.50p -3.01%
Severn Trent (SVT) 1,890.00p -2.63%
United Utilities Group (UU.) 715.40p -2.53%
Standard Life Aberdeen (SLA) 305.10p -2.40%
BP (BP.) 558.10p -2.22%
Royal Dutch Shell 'B' (RDSB) 2,681.50p -1.81%
Next (NXT) 5,996.00p -1.80%
Admiral Group (ADM) 1,913.00p -1.80%
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