FTSE 100 movers: Airlines fly higher despite Lufthansa warning; Rio retreats
By Michele Maatouk
Date: Tuesday 16 Apr 2019
(Sharecast News) - London's FTSE 100 was up 0.4% at 7,466.23 in afternoon trade on Tuesday as investors eyed the latest UK jobs data.
Airlines IAG and EasyJet were both flying higher despite a profit warning from Lufthansa, which said earlier that it would make a €336m loss for the first quarter of 2019.
BP was under the cosh as RBC Capital Markets downgraded its recommendation on shares of the oil giant to 'outperform' from 'top pick' following a recent strong performance on an absolute basis and versus the sector.
The Canadian bank, which maintained its 625p price target, said it remains constructive on the company's medium-term growth profile and improving cash flow framework. However, given the recent strong performance, there is now less valuation upside.
"A combination of recent strong performance, more modest expectations on the downstream and a narrowing valuation discount versus peers leaves us with lower conviction on BP shares at these levels," it said.
Rio Tinto was also in the red as it was forced to cut guidance for annual ore shipments due to the impact of March's tropical cyclone in Western Australia. Annual iron ore shipments guidance was cut to 333m - 343m tonnes from a previous range of 338m - 350m.
FTSE 100 - Risers
Evraz (EVR) 665.80p 3.26%
WPP (WPP) 913.00p 3.14%
easyJet (EZJ) 1,210.50p 2.89%
TUI AG Reg Shs (DI) (TUI) 815.40p 2.59%
Prudential (PRU) 1,743.00p 2.41%
Rightmove (RMV) 542.70p 2.18%
International Consolidated Airlines Group SA (CDI) (IAG) 554.80p 2.10%
London Stock Exchange Group (LSE) 4,964.00p 2.08%
St James's Place (STJ) 1,108.50p 1.98%
Auto Trader Group (AUTO) 555.80p 1.94%
FTSE 100 - Fallers
Smith (DS) (SMDS) 352.60p -1.81%
Pearson (PSON) 824.40p -1.36%
Centrica (CNA) 107.57p -1.35%
Mondi (MNDI) 1,785.50p -1.03%
Sainsbury (J) (SBRY) 232.00p -0.90%
BP (BP.) 566.80p -0.54%
Rio Tinto (RIO) 4,677.50p -0.53%
Imperial Brands (IMB) 2,502.00p -0.52%
Associated British Foods (ABF) 2,532.00p -0.35%
Compass Group (CPG) 1,748.50p -0.29%
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