Date: Thursday 07 Mar 2013
Insurance giant Aviva was forced to slash to dividend after swinging into the red in 2012, after taking a 3.3bn-pound write-down on a disposal in the US. Aviva also said that its overall situation does not warrant bonuses for executive directors for 2012 or pay rises for 2013. Shares dropped sharply early on.
Panmure Gordon cut its rating for Aviva from 'buy' to 'hold' today, saying that while the dividend cut will remove some uncertainty, "the market will rightly be disappointed".
UBS has downgraded its rating for industrial manufacturing conglomerate Melrose from 'buy' to 'neutral' one day after the company's full-year results, highlighting issues with the core divisions. UBS explained that if its Elster business is excluded, Melrose’s core orders were down 11% from the first half to the second.
Heading the other way was temporary power and temperature control provider Aggreko which rocketed after posting a strong performance in 2012 with trading profit up 13% last year. Investec upgraded the stock from 'hold' to 'buy' this morning.
British asset management firm Schroders was higher after saying that assets under management reached record levels in spite of choppy markets and falling profits.
IMI, the engineering firm, rose strongly after boasting a "resilient" set of results in 2012 and unveiling a share buy-back programme of up to £175m over the next 12 months.
Meggitt was also in positive territory after Investec increased its target price from 480p to 520p and maintained a buy recommendation.
Reckitt Benckiser was lifted by Credit Suisse, which moved its target price from 4,250p to 4,900p and reiterated a neutral rating.
FTSE 100 - Risers
Aggreko (AGK) 1,986.00p +12.97%
Schroders (SDR) 2,119.00p +4.08%
IMI (IMI) 1,312.00p +3.96%
Meggitt (MGGT) 490.90p +3.11%
CRH (CRH) 1,489.00p +2.69%
Barclays (BARC) 310.25p +2.68%
Reckitt Benckiser Group (RB.) 4,624.00p +2.39%
Rio Tinto (RIO) 3,447.00p +2.32%
Admiral Group (ADM) 1,359.00p +1.87%
Sage Group (SGE) 350.10p +1.74%
FTSE 100 - Fallers
Aviva (AV.) 318.50p -11.48%
Melrose Industries (MRO) 260.30p -2.55%
Lloyds Banking Group (LLOY) 50.03p -1.94%
British Sky Broadcasting Group (BSY) 874.00p -1.63%
United Utilities Group (UU.) 730.00p -1.62%
Polymetal International (POLY) 960.00p -1.59%
Royal Bank of Scotland Group (RBS) 304.40p -1.52%
Morrison (Wm) Supermarkets (MRW) 259.60p -1.37%
BT Group (BT.A) 263.60p -1.05%
Sainsbury (J) (SBRY) 343.60p -0.95%
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