FTSE 100 movers: ITV boosted by upgrade; StanChart gives up gains
London’s FTSE 100 index was up 0.7% to 7,376.36 in afternoon trade on Friday, underpinned by the pound, which fell on the back of disappointing GDP figures.
Broadcaster ITV was the standout gainer as Barclays upped the stock to ‘overweight’ from ‘equalweight’ and lifted the price target to 200p from 190p.
The bank cited four reasons for the upgrade. It noted advertising is improving in the UK and said there is little risk of a downgrade to 2018 forecasts in the coming months. In addition, it said first half comps for 2018 are easy, implying that ITV could post positive advertising numbers in Q1 and Q2 which will lessen structural worries. Finally, it argued that the stock’s valuation gives little credit to ITV for its non-television businesses.
On the downside, Standard Chartered was giving back some gains from earlier in the week, when it rallied on the back of an upgrade to ‘hold’ from ‘sell’ at Investec.
Risers
ITV (ITV) 174.70p 3.56%
Anglo American (AAL) 1,336.50p 2.41%
Kingfisher (KGF) 300.00p 2.28%
Persimmon (PSN) 2,581.00p 2.06%
Mediclinic International (MDC) 654.00p 2.03%
Antofagasta (ANTO) 947.00p 1.99%
Rio Tinto (RIO) 3,474.00p 1.67%
Whitbread (WTB) 3,760.00p 1.54%
Old Mutual (OML) 193.90p 1.52%
Burberry Group (BRBY) 1,758.00p 1.44%
Fallers
Hargreaves Lansdown (HL.) 1,465.00p -2.14%
3i Group (III) 909.00p -0.82%
BAE Systems (BA.) 628.00p -0.63%
Convatec Group (CTEC) 271.50p -0.59%
Standard Chartered (STAN) 735.80p -0.45%
Rolls-Royce Holdings (RR.) 881.00p -0.34%
International Consolidated Airlines Group SA (CDI) (IAG) 593.00p -0.25%
Ferguson (FERG) 4,887.00p -0.22%
Centrica (CNA) 186.60p -0.21%
Imperial Brands (IMB) 3,165.50p -0.20%