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FTSE 100 movers: ENRC and Kazakhmys move ahead

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Date: Thursday 21 Aug 2008

LONDON (ShareCast) - This week's pattern of rising resource stocks and falling banks has continued with Kazakhmys and Tullow Oil again the best performers and high street banks littering the fallers with Lloyds TSB and HSBC the worst performers.

ENRC, another Kazakhstan miner is also going well, helped by decent results today and bid speculation. Pre-tax profit surged 249.1% to $2.04bn on revenue that increased 86% to $3.4bn. A maiden interim dividend of 12c per share was announced and the group anticipates a dividend payout range of approximately 15%-20% of earnings going forward.

The ferrochrome producer also rejected the suggestion that its rival Kazakhmys should have a seat on its board. Last week, Kazakhmys lifted its stake in ENRC to 25% to become the largest shareholder in the group and said it would like to be represented on the board.

Broker Landsbanki has retained its ‘buy’ rating on Schroders, but lowered its target price on the fund manager to 1,085p from 1,145p. Schroders had a ‘resilient’ first half in difficult markets, Landsbanki noted, while acknowledging that the fund manager’s cautious comments and reduced funds under management outlook.

FTSE 100 - Risers
Kazakhmys (KAZ) 1,319.00p +4.68%
Tullow Oil (TLW) 769.00p +3.71%
Eurasian Natural Resources (ENRC) 1,063.00p +3.51%
John Wood Group (WG.) 427.25p +3.20%
Petrofac Ltd (PFC) 580.00p +3.02%
Amec (AMEC) 807.00p +2.80%
Xstrata (XTA) 3,088.00p +2.66%
Smiths Group (SMIN) 1,106.00p +2.50%

FTSE 100 - Fallers
Aviva (AV.) 483.00p -3.30%
Lloyds TSB Group (LLOY) 282.25p -2.76%
Schroders NV (SDRC) 845.50p -2.70%
Rolls-Royce Group (RR.) 367.00p -2.52%
London Stock Exchange Group (LSE) 719.00p -2.38%
Whitbread (WTB) 1,110.00p -2.37%
Associated British Foods (ABF) 765.00p -2.30%
HSBC Holdings (HSBA) 809.25p -2.23%

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