London’s FTSE 100 was up 1.6% at 7,137.33 in afternoon trade on Wednesday.
Asset manager Abrdn rallied after it announced a £300m share buyback programme as it looks to return excess capital to shareholders. The first phase will begin with a £150m buyback, being undertaken by Goldman Sachs. The purchase of shares will take place from 6 July and end no later than 30 December.
Intermediate Capital gained after The Times reported that the fund manager was in exclusive talks to buy Wembley Arena.
Informa was also in the black as Bank of America Merrill Lynch reiterated its ‘buy’ rating on the shares.
Ahead of the company’s 28 July first-half results, BofA said industry news flow pointed to solid reopening momentum in events, tentative movement on easing lockdowns in China and a number of tailwinds as far as the 2023 outlook was concerned.
It also cited valuation, arguing that on a calendar year enterprise-value-to-earnings before interest, taxes, depreciation and amortisation of eight times’ the shares were “adequately” pricing in the risks.
FTSE 100 – Risers
Scottish Mortgage Inv Trust (SMT) 774.40p 6.64%
Abrdn (ABDN) 157.85p 5.98%
JD Sports Fashion (JD.) 119.75p 5.83%
Hargreaves Lansdown (HL.) 802.40p 5.14%
Flutter Entertainment (CDI) (FLTR) 8,522.00p 4.26%
Antofagasta (ANTO) 1,062.50p 4.22%
Intermediate Capital Group (ICP) 1,338.50p 4.20%
St James’s Place (STJ) 1,096.50p 4.03%
Auto Trader Group (AUTO) 585.80p 4.01%
Informa (INF) 534.80p 3.97%
FTSE 100 – Fallers
Fresnillo (FRES) 688.60p -5.26%
Standard Chartered (STAN) 573.00p -3.21%
Harbour Energy (HBR) 309.10p -2.25%
Centrica (CNA) 75.40p -0.79%
HSBC Holdings (HSBA) 519.00p -0.78%
Meggitt (MGGT) 784.20p -0.58%
NATWEST GROUP PLC ORD 100P (NWG) 212.50p -0.19%
Croda International (CRDA) 6,772.00p -0.12%
Legal & General Group (LGEN) 233.50p -0.04%
Barclays (BARC) 147.66p 0.12%
