FTSE 100 movers: StanChart rallies on broker note; housebuilders slump

By Michele Maatouk

Date: Monday 26 Feb 2024

FTSE 100 movers: StanChart rallies on broker note; housebuilders slump

(Sharecast News) - London's FTSE 100 was down 0.4% at 7,678.73 in afternoon trade on Tuesday.
Standard Chartered rallied as Berenberg upped its price target on the 'buy' rated shares to 1,050p from 1,000p as it said that growth and returns are undervalued.

Berenberg said the 2023 results last week "provided clear confirmation that recent improvements in the bank's returns can be sustained".

Ocado was under the cosh following a report over the weekend that Marks & Spencer is withholding a multimillion-pound payment to the group after their grocery delivery venture missed key performance targets.

The companies joined forces in 2019 to create Ocado Retail, a £750 million tie-up that gave Ocado customers access to M&S food.

Under the terms of the deal, M&S is due to pay Ocado a final instalment of £190.7 million by August. The payment is contingent on Ocado Retail's performance against an undisclosed target in the year to November 2023.

According to The Times, it is understood that M&S is still in negotiations with Ocado over the payout as performance hurdles have "not been met".

Bunzl was in the red after saying it expects a slight fall in operating margin this year. It posted a 10% rise in annual profits, despite a dip in revenue driven by a weaker trading in its North American operations.

Housebuilders Taylor Wimpey and Persimmon slumped after the Competition and Markets Authority said it has started an investigation into eight companies in the sector over evidence they may have been sharing information which could be harming competition in the sector.

In a major report released earlier, the watchdog said it had "fundamental concerns" with the operation of the housing market, revolving around the planning system, estate management charges and the quality of new housing.

FTSE 100 - Risers

Standard Chartered (STAN) 650.00p 2.36%
Pershing Square Holdings Ltd NPV (PSH) 3,936.00p 1.97%
International Consolidated Airlines Group SA (CDI) (IAG) 155.65p 1.90%
Rolls-Royce Holdings (RR.) 359.30p 1.76%
Barclays (BARC) 166.26p 1.54%
Lloyds Banking Group (LLOY) 46.15p 1.43%
Convatec Group (CTEC) 251.80p 1.37%
Endeavour Mining (EDV) 1,279.00p 1.27%
Pearson (PSON) 964.40p 1.17%
Beazley (BEZ) 651.00p 1.17%

FTSE 100 - Fallers

Ocado Group (OCDO) 492.30p -6.83%
Bunzl (BNZL) 3,181.00p -3.78%
Taylor Wimpey (TW.) 141.70p -2.95%
Persimmon (PSN) 1,376.50p -2.55%
St James's Place (STJ) 627.40p -2.43%
Anglo American (AAL) 1,743.00p -2.41%
Rio Tinto (RIO) 5,075.00p -2.35%
Hikma Pharmaceuticals (HIK) 2,028.00p -2.22%
Glencore (GLEN) 369.25p -1.74%
Centrica (CNA) 125.45p -1.72%


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