(Sharecast News) – London’s FTSE 100 was up 0.6% at 7,400.93 in afternoon trade on Monday.
Insurer Phoenix Group surged to the top of the index as it lifted its full-year cash generation targets after completing the funds merger of its Standard Life and Phoenix Life businesses into a single entity.
The merger leads to a “material” one-off upgrade to its 2023 cash generation targets to around £1.8bn, from around £1.3bn to £1.4bn. As a result, the company’s three-year cash generation target increased from £4.1bn to £4.5bn across 2023-2025.
Aviva was also a high riser as JPMorgan Cazenove said in a research note that the ‘overweight’ rated stock offers the most diversified UK insurance business, with strong management and an attractive total capital return.
FTSE 100 – Risers
Phoenix Group Holdings (PHNX) 488.00p 5.13%
Rentokil Initial (RTO) 457.90p 2.55%
British American Tobacco (BATS) 2,527.50p 2.04%
Auto Trader Group (AUTO) 695.20p 1.94%
Rolls-Royce Holdings (RR.) 236.20p 1.81%
Melrose Industries (MRO) 524.20p 1.79%
Imperial Brands (IMB) 1,783.50p 1.65%
Aviva (AV.) 410.70p 1.58%
Flutter Entertainment (CDI) (FLTR) 12,335.00p 1.48%
Pershing Square Holdings Ltd NPV (PSH) 3,018.00p 1.41%
FTSE 100 – Fallers
Entain (ENT) 904.80p -2.25%
Informa (INF) 700.40p -1.60%
Centrica (CNA) 150.00p -1.38%
Experian (EXPN) 2,651.00p -1.19%
Sage Group (SGE) 983.80p -1.03%
London Stock Exchange Group (LSEG) 8,474.00p -0.94%
Endeavour Mining (EDV) 1,636.00p -0.91%
3i Group (III) 2,009.00p -0.84%
Ocado Group (OCDO) 510.40p -0.82%
Weir Group (WEIR) 1,772.50p -0.81%
