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

London’s FTSE 100 was up 1.4% at 7,356.82 in afternoon trade on Tuesday.
Engine maker Rolls-Royce was the standout gainer, probably on the back of fresh hopes for the travel industry after China said it would reduce the Covid quarantine period for visitors from overseas.

Shell and BP also gushed higher as oil prices rose.

On the downside, Severn Trent and United Utilities were both weaker on the back of a note by JPMorgan Cazenove.

JPM said the water sector has performed well since the start of the regulatory period on 1 April 2020, with all three listed companies delivering strong returns and asset growth, while maintaining dividend growth at least in line with inflation.

“However, we are turning cautious on the subsector, given our belief that returns from April 2025 will be lower than the market currently expects,” it warmed.

The bank downgraded Severn Trent to ‘underweight’ form ‘neutral’, and maintained its preference for overweight-rated United Utilities on a relative basis to Severn.

FTSE 100 – Risers

Rolls-Royce Holdings (RR.) 86.81p 6.11%
Centrica (CNA) 85.88p 4.48%
Prudential (PRU) 1,050.00p 4.06%
Shell (SHEL) 2,190.50p 3.69%
BT Group (BT.A) 191.45p 3.51%
BAE Systems (BA.) 821.80p 2.91%
Harbour Energy (HBR) 373.40p 2.84%
Standard Chartered (STAN) 621.40p 2.58%
BP (BP.) 401.45p 2.52%
Glencore (GLEN) 463.50p 2.37%

FTSE 100 – Fallers

Severn Trent (SVT) 2,696.00p -5.50%
United Utilities Group (UU.) 1,016.50p -1.79%
Flutter Entertainment (CDI) (FLTR) 8,578.00p -1.74%
Intermediate Capital Group (ICP) 1,393.50p -1.69%
Aveva Group (AVV) 2,413.00p -1.47%
Halma (HLMA) 2,009.00p -1.33%
Reckitt Benckiser Group (RKT) 6,150.00p -0.93%
Rightmove (RMV) 572.80p -0.93%
M&G (MNG) 199.15p -0.92%
Spirax-Sarco Engineering (SPX) 9,684.00p -0.90%

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