FTSE 100 movers: Intertek rallies on results; Ashtead slumps
By Michele Maatouk
Date: Tuesday 05 Mar 2024
(Sharecast News) - London's FTSE 100 was flat at 7,639.42 in afternoon trade on Tuesday.
Intertek rallied as it posted a jump in full-year 2023 profit and said it expects a "robust" performance in 2024.
Fresnillo shone as the Mexico-focused precious metals miner celebrated a "sound operating performance" in 2023 despite profits dropping by more than a half. Both Fresnillo and Endeavour benefited from a surge in gold prices to record highs.
On the downside, equipment rental firm Ashtead slumped as it said that full-year group revenues will expand at the low end of its guidance as a result of the previously disclosed slowdown in North America.
Miners Antofagasta and Rio Tinto were under the cosh as investors were left disappointed after China failed to announce any fresh stimulus measures.
China set a growth target of "around 5%" for this year. It also announced the issuance of "ultra-long" special bonds for major projects, according to a government work report.
However, Richard Hunter, head of markets at Interactive Investor, said "the absence of any measures designed to bolster the economy in terms of stimulus was poorly received, putting pressure on the local markets".
He added: "The weakness in pockets of the economy, most notably the beleaguered property sector, is well-known and it increasingly appears that the authorities are content for natural economic growth to override any shorter term fiscal boosts to repair the economy."
Asia-focused Prudential was also in the red.
FTSE 100 - Risers
Intertek Group (ITRK) 4,918.00p 6.43%
Marks & Spencer Group (MKS) 241.00p 4.69%
Endeavour Mining (EDV) 1,416.00p 3.51%
Fresnillo (FRES) 485.80p 2.04%
Weir Group (WEIR) 1,884.00p 1.73%
BAE Systems (BA.) 1,277.50p 1.39%
Ocado Group (OCDO) 451.00p 1.35%
Glencore (GLEN) 385.15p 1.30%
SSE (SSE) 1,645.00p 1.26%
Intermediate Capital Group (ICP) 1,965.50p 1.24%
FTSE 100 - Fallers
Ashtead Group (AHT) 5,348.00p -6.63%
Antofagasta (ANTO) 1,798.50p -2.15%
Prudential (PRU) 758.00p -1.92%
International Consolidated Airlines Group SA (CDI) (IAG) 142.20p -1.80%
Hikma Pharmaceuticals (HIK) 1,917.50p -1.72%
Barratt Developments (BDEV) 470.70p -1.63%
Persimmon (PSN) 1,377.50p -1.61%
Rio Tinto (RIO) 5,015.00p -1.47%
RS Group (RS1) 742.40p -1.38%
Croda International (CRDA) 4,731.00p -1.27%
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