FTSE 100 movers: Phoenix under the cosh; Reckitt recovers
By Michele Maatouk
Date: Monday 18 Mar 2024
(Sharecast News) - London's FTSE 100 was down 0.1% at 7,721.31 in afternoon trade on Monday.
Phoenix Group was under the cosh after The Times suggested it will report a one-off provision of £70m in its annual results on Friday to cover the cost of reducing customer charges.
According to The Times, it will cover a cut in annual pension charges across old funds, and other customer support measures, to comply with the Financial Conduct Authority's new consumer duty rules.
British Gas owner Centrica was knocked lower by a downgrade to 'sector perform' from 'outperform' at RBC Capital Markets.
Haleon was in the red after the consumer healthcare company said that Pfizer plans to sell around 630m shares in the company in a public offering.
Reckitt Benckiser rallied, having tanked late on Friday amid concerns about baby formula compensation.
The shares took a tumble after Reuters reported that an Illinois jury had ordered Reckitt unit Mead Johnson to pay $60m to the mother of a premature baby who died of an intestinal disease after being fed the company's Enfamil baby formula.
Beazley gained as RBC Capital Markets hiked its price target on the shares to 975p from 775p and said it was still its "top pick".
FTSE 100 - Risers
Reckitt Benckiser Group (RKT) 4,605.00p 2.65%
Beazley (BEZ) 671.50p 2.21%
British American Tobacco (BATS) 2,384.50p 1.88%
easyJet (EZJ) 538.40p 1.66%
BAE Systems (BA.) 1,311.50p 1.27%
Ocado Group (OCDO) 464.30p 1.15%
Legal & General Group (LGEN) 246.60p 1.11%
Unite Group (UTG) 954.00p 1.01%
Land Securities Group (LAND) 622.80p 0.97%
RS Group (RS1) 733.00p 0.96%
FTSE 100 - Fallers
Phoenix Group Holdings (PHNX) 484.00p -4.04%
BT Group (BT.A) 104.40p -3.82%
Vodafone Group (VOD) 67.82p -2.91%
United Utilities Group (UU.) 1,029.00p -2.79%
Severn Trent (SVT) 2,515.00p -2.33%
Flutter Entertainment (DI) (FLTR) 16,750.00p -2.13%
St James's Place (STJ) 416.30p -2.12%
Schroders (SDR) 383.00p -1.85%
Centrica (CNA) 130.05p -1.70%
Haleon (HLN) 317.00p -1.64%
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