FTSE 100 movers: Kingfisher gains after results; Ocado in the red
By Michele Maatouk
Date: Monday 25 Mar 2024
(Sharecast News) - London's FTSE 100 was down 0.1% at 7,925.35 in afternoon trade on Monday.
B&Q and Castorama owner Kingfisher was the top gainer, having slumped earlier after saying it expected lower annual profits in the current year as the home improvement market continued to lag behind demand for housing.
The company, which also owns the Brico depot chain in France, said it expects adjusted pre-tax profit of £490m to £550m compared with the £568m it reported for last year, down 25% on 2022/23.
Experian was also in the black after JPMorgan Cazenove said it was its top pick in the European business services sector, along with Bureau Veritas, both of which it rates at 'overweight'.
"Experian remains our most-preferred long-term pick in European business services, and a top pick for the rest of 2024," it said.
"We have confidence the company will grow at least high single digit percentage organically in the medium term supported by its high-quality portfolio of new products at different stages of development.
"For FY Mar-25, we forecast 8%. Experian has a strong balance sheet and opportunities for value-add acquisitions, on top of continued organic investments."
Ocado fell following a report over the weekend suggesting the company is under pressure over executive pay after an influential proxy adviser urged shareholders to vote against a new bonus scheme that could see its boss Tim Steiner paid as much as £14.8m.
According to The Times, Institutional Shareholder Services has recommended that investors vote against the online grocer's new remuneration policy and performance share plan at its annual meeting on April 29, citing "material concerns" over the sum of money executives could receive.
According to The Times, ISS said the potential amount on offer was "materially above market norms" and "not in line with UK market standards and investor expectations".
FTSE 100 - Risers
Kingfisher (KGF) 240.40p 2.91%
Burberry Group (BRBY) 1,209.00p 2.15%
Airtel Africa (AAF) 102.00p 2.10%
St James's Place (STJ) 467.90p 2.03%
Intermediate Capital Group (ICP) 2,097.00p 1.70%
Anglo American (AAL) 1,957.60p 1.46%
BP (BP.) 505.00p 1.23%
3i Group (III) 2,795.00p 1.23%
Fresnillo (FRES) 459.70p 1.03%
Experian (EXPN) 3,519.00p 0.95%
FTSE 100 - Fallers
Spirax-Sarco Engineering (SPX) 10,150.00p -4.20%
Rightmove (RMV) 553.80p -3.05%
Croda International (CRDA) 4,944.00p -2.91%
Reckitt Benckiser Group (RKT) 4,295.00p -2.52%
Auto Trader Group (AUTO) 743.60p -2.47%
Ocado Group (OCDO) 457.40p -2.33%
Persimmon (PSN) 1,309.50p -1.98%
easyJet (EZJ) 537.60p -1.57%
Antofagasta (ANTO) 1,980.50p -1.32%
Diploma (DPLM) 3,408.00p -1.27%
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