FTSE 100 movers: Rolls-Royce sinks; Land Securities gains
By Michele Maatouk
Date: Friday 03 Jul 2020
(Sharecast News) - London's FTSE 100 was down 1.5% to 6,147.42 in afternoon trade on Friday.
Rolls-Royce was under the cosh after confirming it is in the early stages of reviewing a range of options to strengthen its balance sheet and position itself for recovery after the Covid-19 crisis.
The engine maker said no decisions have been made and insisted that its current financial position and liquidity remain strong.
The brief statement came after Bloomberg reported that Rolls-Royce was examining possibilities including selling shares and divesting assets.
Next was also in the red after Goldman Sachs downgraded its stance on shares of the retailer to 'sell' from 'neutral' and cut the price target to 4,400p from 5,300p. It said that while the company is working hard to offset a structural shift to more intense online competition, this is likely to result in no revenue growth post Covid-19.
Housebuilders and banks were weaker, with Taylor Wimpey, Barratt, Standard Chartered and Lloyds all down.
On the upside, commercial property owner Land Securities gained as it said it planned to reinstate dividends after half year results in November as tenants reopened premises after the easing of coronavirus lockdowns.
Home emergency repairs and improvements business Homeserve rose following an upbeat note from Berenberg, which said the company offers investors a highly attractive business model.
"It is a growing, non-cyclical, recurring, high-margin and cash-generative business," the bank said, adding that Homeserve had shown its early resilience to the Covid-19 pandemic.
FTSE 100 - Risers
Fresnillo (FRES) 857.60p 1.66%
Just Eat Takeaway.Com N.V. (CDI) (JET) 8,620.00p 1.56%
Whitbread (WTB) 2,384.00p 1.49%
Land Securities Group (LAND) 582.80p 1.36%
Homeserve (HSV) 1,291.00p 1.10%
Compass Group (CPG) 1,156.50p 1.00%
Scottish Mortgage Inv Trust (SMT) 856.00p 0.94%
Mondi (MNDI) 1,495.00p 0.71%
JD Sports Fashion (JD.) 656.80p 0.71%
Experian (EXPN) 2,905.00p 0.62%
FTSE 100 - Fallers
Rolls-Royce Holdings (RR.) 270.90p -7.38%
Next (NXT) 4,841.00p -3.76%
Taylor Wimpey (TW.) 137.90p -3.73%
Barratt Developments (BDEV) 490.00p -2.93%
Standard Chartered (STAN) 430.30p -2.69%
Evraz (EVR) 280.30p -2.67%
Lloyds Banking Group (LLOY) 31.03p -2.59%
Burberry Group (BRBY) 1,632.50p -2.57%
ITV (ITV) 72.00p -2.39%
Anglo American (AAL) 1,828.00p -2.38%
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