FTSE 100 movers: Morrisons rallies on results; Whitbread and IHG hit by downgrades
By Michele Maatouk
Date: Thursday 12 Sep 2019
(Sharecast News) - London's FTSE 100 was flat at 7,336.31 in afternoon trade on Thursday as investors digested the latest policy announcement from the European Central Bank.
Morrisons was the standout gainer as the supermarket retailer reported a fall in second-quarter like-for-like sales but a 5.3% rise in interim profit. Investors also welcomed the company's expanded partnership with Amazon for ultra-fast same-day grocery deliveries.
Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said: "News the group has tightened its relationship with Amazon will be welcome - there are few partners that carry as much weight and potential as the online giant. It's flattering, and potentially lucrative to be shoulder-to-shoulder with Amazon as it seeks to expand its online grocery delivery service. "
Anglo American was also on the rise as copper and iron prices rose on the back of easing trade tensions between the US and China.
On the downside, Premier Inn owner Whitbread and InterContinental Hotels were under the cosh after JPMorgan Cazenove stuck 'underweight' ratings on shares of both. It said a combination of factors was causing it to turn more cautious on the risk-reward profile for the European hotel sector within its coverage universe.
This includes a lack of momentum, high consensus expectations, high multiples, late cycle, decelerating revenue per available room, company-specific concerns, a lack of catalysts and an uncertain macro environment.
FTSE 100 - Risers
Morrison (Wm) Supermarkets (MRW) 201.60p 3.92%
Fresnillo (FRES) 752.20p 3.15%
Associated British Foods (ABF) 2,289.00p 2.23%
Centrica (CNA) 74.48p 2.22%
Aveva Group (AVV) 3,596.00p 1.93%
Anglo American (AAL) 1,911.20p 1.50%
CRH (CRH) 2,805.00p 1.41%
Rightmove (RMV) 535.00p 1.38%
Experian (EXPN) 2,515.00p 1.37%
Berkeley Group Holdings (The) (BKG) 4,076.00p 1.32%
FTSE 100 - Fallers
NMC Health (NMC) 2,798.00p -4.11%
ITV (ITV) 120.80p -3.82%
3i Group (III) 1,095.31p -2.73%
Marks & Spencer Group (MKS) 197.80p -2.56%
Whitbread (WTB) 4,437.00p -2.35%
Bunzl (BNZL) 2,112.00p -2.31%
British Land Company (BLND) 541.40p -2.20%
InterContinental Hotels Group (IHG) 5,066.00p -1.95%
BP (BP.) 502.50p -1.87%
Johnson Matthey (JMAT) 3,159.00p -1.71%
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