FTSE 100 movers: Oil giants gush higher; Sainsbury's slumps
By Michele Maatouk
Date: Friday 10 Jan 2025
(Sharecast News) - London's FTSE 100 was down 0.8% at 8,257.56 in afternoon trade on Friday.
Oil giants BP and Shell were the top performers on the index as oil prices surged amid worries about potential supply disruptions from more sanctions on Russia.
Reckitt Benckiser gained after Morgan Stanley upgraded the shares to 'overweight' from 'equalweight' and upped the price target to 5,500p from 4,600p, saying it was its new "top pick" in home and personal care (HPC).
Morgan Stanley said that after several years of earnings volatility, it expects Reckitt to deliver mid single digit percentage like-for-like growth and high single digit earnings per share growth from 2025, supported by the company's ongoing buyback programme, placing it at the top quartile of EU Staples peers.
"Additionally, the potential sale of the company's Essential Home business later in the year could support further re-rating and capital return," it said. "We acknowledge risks around the ongoing litigation, but argue that is priced in at current levels, leaving the risk/reward positively skewed."
InterContinental Hotels was also in the black after an upgrade to 'market perform' at Bernstein.
Sainsbury's fell after the supermarket chain said it would increase wages by 5% after bumper sales in its key Christmas quarter.
Sales over the four weeks to 4 January rose 3.8%, and Sainsbury's said it expected annual underlying retail operating profit to increase 7% at the mid-point of its £1.01bn - £1.06bn guidance range.
Third-quarter underlying sales rose 2.8%, with grocery up 4.1% and general merchandise and clothing down 0.1%. The Argos business was 1.4% lower during the period.
FTSE 100 - Risers
BP (BP.) 433.25p 2.50%
Shell (SHEL) 2,668.00p 2.09%
Reckitt Benckiser Group (RKT) 5,016.00p 1.89%
InterContinental Hotels Group (IHG) 10,055.00p 1.69%
Standard Chartered (STAN) 1,030.00p 1.58%
Centrica (CNA) 134.45p 1.36%
Flutter Entertainment (DI) (FLTR) 20,450.00p 1.19%
Rio Tinto (RIO) 4,846.50p 0.84%
Melrose Industries (MRO) 566.20p 0.71%
Rightmove (RMV) 647.00p 0.68%
FTSE 100 - Fallers
Entain (ENT) 619.40p -4.53%
BT Group (BT.A) 138.20p -3.66%
Beazley (BEZ) 786.00p -3.56%
Sainsbury (J) (SBRY) 254.80p -3.19%
NATWEST GROUP (NWG) 372.90p -3.14%
easyJet (EZJ) 502.00p -2.98%
Schroders (SDR) 308.40p -2.90%
Hiscox Limited (DI) (HSX) 1,040.00p -2.80%
Croda International (CRDA) 3,243.00p -2.47%
United Utilities Group (UU.) 950.20p -2.32%
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