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FTSE 100 movers: Abrdn hit by downgrade; Rolls-Royce rallies

London’s FTSE 100 was down 0.2% at 7,153.2 in afternoon trade on Friday.
Abrdn was on the back foot after Citi cut its stance on the stock to ‘sell’ from ‘neutral’ as it took a look at European asset managers.

“Markets have fallen and European traditionals have de-rated to 10x from 12-13x but we still see risks to the downside, given weak near term fundamentals (flows and earnings; Citi estimates are -9-11% below consensus) while self-help is largely played out,” the bank said.

“We see downside risks for almost all names, but see the biggest risk of disappointment at Abrdn and Jupiter, both of which we downgrade to sell, while we downgrade DWS to neutral.”

Citi also said it was opening “negative catalyst watches” on Abrdn.

Engine maker Rolls-Royce was the standout gainer, closely followed by online supermarket Ocado.

FTSE 100 – Risers

Rolls-Royce Holdings (RR.) 87.45p 5.42%
Ocado Group (OCDO) 815.80p 4.43%
SSE (SSE) 1,680.00p 3.96%
Melrose Industries (MRO) 155.40p 3.81%
Compass Group (CPG) 1,739.00p 3.51%
Ashtead Group (AHT) 3,557.00p 3.43%
International Consolidated Airlines Group SA (CDI) (IAG) 110.54p 2.71%
Next (NXT) 6,012.00p 2.59%
Coca-Cola HBC AG (CDI) (CCH) 1,866.00p 2.41%
JD Sports Fashion (JD.) 118.10p 2.34%

FTSE 100 – Fallers

Harbour Energy (HBR) 342.60p -5.83%
Endeavour Mining (EDV) 1,636.00p -3.88%
Fresnillo (FRES) 746.00p -2.71%
Glencore (GLEN) 433.45p -2.62%
Auto Trader Group (AUTO) 541.80p -2.38%
Abrdn (ABDN) 156.70p -1.97%
Hargreaves Lansdown (HL.) 775.60p -1.55%
SEGRO (SGRO) 962.60p -1.45%
Rightmove (RMV) 560.20p -1.44%
London Stock Exchange Group (LSEG) 7,554.00p -1.02%

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