FTSE 100 movers: Renishaw surges; BT boosted by upgrade

by | Mar 29, 2021

London’s FTSE 100 was flat at 6,736.07 in afternoon trade on Monday.
Renishaw surged to the top of the index after Bloomberg reported late on Friday that the engineer, which has put itself up for sale, is attracting initial interest from Swedish rival Hexagon AB and Danaher.

Citing people familiar with the matter, Bloomberg said US medical equipment maker Danaher is considering teaming up with Fortive Corp, the industrial company it spun off in 2016, to bid for Renishaw and then split up the business.

Renishaw may also approach rival engineering and precision measurement companies such as Ametek, Mettler-Toledo International, Japan’s Keyence and France’s Schneider Electric, according to Bloomberg sources.

BT Group was also a high riser after Morgan Stanley upgraded shares of the telecoms company to ‘overweight’.

“BT isan incumbent operator with a growingfibre businessand a leading mobile unit. Yet valuation is cheap after multiple years of downgrades and de-rating,” MS said. Fibre regulation and pension have been headwinds, but now there is greater visibility from Ofcom and rising rates are helpful. Price rises in consumer are also supportive, whilst high B2B exposure remains the main risk.”

Taylor Wimpey was on the front foot after JPMorgan upgraded the shares to ‘overweight’ from ‘neutral’ and increased the price target to 220p from 190p. It argued that the housebuilder’s earnings momentum is likely to outperform the sector, with JPM’s forecasts 7% ahead of consensus despite margin expectations at the bottom end of management guidance.

FTSE 100 – Risers

Renishaw (RSW) 6,320.00p 5.33%
BT Group (BT.A) 150.75p 1.82%
Reckitt Benckiser Group (RB.) 6,464.00p 1.44%
Rentokil Initial (RTO) 492.40p 1.07%
Evraz (EVR) 561.80p 0.90%
Johnson Matthey (JMAT) 3,058.00p 0.89%
Taylor Wimpey (TW.) 181.70p 0.89%
Severn Trent (SVT) 2,318.00p 0.83%
Next (NXT) 7,952.00p 0.79%
Whitbread (WTB) 3,468.00p 0.67%

FTSE 100 – Fallers

Smiths Group (SMIN) 1,510.50p -3.17%
Flutter Entertainment (CDI) (FLTR) 15,970.00p -3.09%
Rightmove (RMV) 576.80p -3.06%
Entain (ENT) 1,508.00p -2.99%
Vodafone Group (VOD) 131.96p -2.53%
Persimmon (PSN) 2,945.00p -2.52%
Admiral Group (ADM) 2,979.00p -1.97%
Halma (HLMA) 2,339.00p -1.97%
London Stock Exchange Group (LSEG) 6,972.00p -1.91%
Auto Trader Group (AUTO) 554.80p -1.87%

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