(Sharecast News) – London’s FTSE 100 was up 0.5% at 7,528.96 in afternoon trade on Wednesday.
Asia-focused Prudential was the standout gainer on the index, having fallen a day earlier after Moody’s cut its credit outlook on China to ‘negative’.
Weir Group gained after saying it is now targeting £60m in absolute savings by 2026, as part of its goal to reach an operating margin of 20% by the same year. It also confirmed that market conditions and its 2023 guidance remained unchanged, with the company on track to deliver an operating margin of 17%.
Anglo American advanced as copper prices rose.
On the downside, British American Tobacco was under the cosh as it scaled back its expectations for organic growth this year and announced a massive £25bn impairment charge.
BAT pointed to the fact it continues to shift its focus away from traditional tobacco products, and to macroeconomic pressures impacting its US combustibles brands. The £25bn impairment charges relates to some of the company’s acquired US combustibles brands.
Peer Imperial Brands also lost ground.
FTSE 100 – Risers
Prudential (PRU) 891.60p 4.48%
Weir Group (WEIR) 1,926.00p 3.30%
BT Group (BT.A) 134.45p 3.22%
Anglo American (AAL) 2,222.00p 3.11%
Legal & General Group (LGEN) 234.80p 2.98%
St James’s Place (STJ) 685.20p 2.79%
M&G (MNG) 212.90p 2.70%
NATWEST GROUP (NWG) 220.40p 2.61%
Experian (EXPN) 3,042.00p 2.53%
3i Group (III) 2,315.00p 2.52%
FTSE 100 – Fallers
British American Tobacco (BATS) 2,258.00p -9.23%
Imperial Brands (IMB) 1,829.50p -1.82%
Diageo (DGE) 2,774.00p -1.37%
Shell (SHEL) 2,515.00p -0.44%
BAE Systems (BA.) 1,040.00p -0.43%
Rentokil Initial (RTO) 424.00p -0.33%
Haleon (HLN) 322.20p -0.28%
Pearson (PSON) 937.40p -0.19%
SSE (SSE) 1,869.00p -0.19%
United Utilities Group (UU.) 1,084.50p -0.05%
