FTSE 100 movers: IAG flies higher on broker note; National Grid falls
By Michele Maatouk
Date: Wednesday 18 Dec 2024
(Sharecast News) - London's FTSE 100 was flat at 8,193.76 in afternoon trade on Wednesday.
BA and Iberia owner IAG flew higher as Jefferies hiked its price target on the stock to 350p from 270p saying it expects the fourth quarter to deliver similar trends to Q3, driving confidence in the short-term macro and travel environment.
"Medium term, we see a multi-year earnings and re-rating story, as the BA turnaround and delivery of the NG fleet offer scope for further consensus upside and re-rating potential as the company approaches best-in-class return on invested capital and free cash flow generation," it said.
Equipment rental firm Ashtead was also a high riser, having benefitted from earlier weakness in the pound versus the dollar. Ashtead derives most of its revenues from the US.
National Grid was in the red as it submitted plans to invest up to £35bn in Britain's electricity network over a five year period from April 2026.
The plan includes £11bn to maintain and upgrade existing networks, alongside construction works for the first three of its accelerated strategic transmission investment (ASTI) projects.
A further £24bn has been allocated to future projects, including around £15bn to increase network capacity.
FTSE 100 - Risers
Melrose Industries (MRO) 547.00p 1.67%
International Consolidated Airlines Group SA (CDI) (IAG) 302.10p 1.61%
Ashtead Group (AHT) 5,164.00p 1.53%
British Land Company (BLND) 362.60p 1.45%
BP (BP.) 384.75p 1.22%
Sage Group (SGE) 1,320.50p 1.19%
HSBC Holdings (HSBA) 765.40p 1.02%
Scottish Mortgage Inv Trust (SMT) 960.00p 0.93%
Rentokil Initial (RTO) 408.80p 0.89%
Intermediate Capital Group (ICG) 2,138.00p 0.85%
FTSE 100 - Fallers
Beazley (BEZ) 816.00p -1.86%
Entain (ENT) 738.00p -1.86%
Hiscox Limited (DI) (HSX) 1,100.00p -1.70%
Severn Trent (SVT) 2,536.00p -1.48%
AstraZeneca (AZN) 10,366.00p -1.33%
National Grid (NG.) 927.00p -1.02%
Centrica (CNA) 125.25p -0.99%
United Utilities Group (UU.) 1,060.00p -0.93%
Whitbread (WTB) 2,890.00p -0.89%
Diageo (DGE) 2,514.50p -0.85%
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