(Sharecast News) – London’s FTSE 100 was up 1.7% at 7,404.73 in afternoon trade on Wednesday.
Miners Anglo American and Glencore were both up as copper prices rose.
BA and Iberia owner IAG was knocked lower by a downgrade to ‘hold’ from ‘buy’ at Deutsche Bank, which cut its price target on the shares to 165p from 200p.
Bunzl was under the cosh after a downgrade to ‘underperform’ from ‘sector perform’ by RBC Capital Markets, which chopped its price target on the shares to 2,550p from 2,850p as it said deflationary forces are building.
“In light of the sharp declines in raw material pricing which we believe underpins the bulk of Bunzl’s product portfolio, we cut our organic revenue growth assumptions and now assume a modest organic decline in FY24, with limited recovery in FY25,” RBC said.
“Bunzl’s share price has disconnected from a composite index of the global chemicals and paper & packaging sectors to which it has historically been highly correlated, and we see scope for both consensus earnings pressure and valuation multiple compression.”
FTSE 100 – Risers
Persimmon (PSN) 1,054.50p 4.56%
Anglo American (AAL) 2,327.50p 4.42%
Glencore (GLEN) 455.40p 4.20%
RS Group (RS1) 752.60p 4.18%
Land Securities Group (LAND) 606.20p 4.16%
Smurfit Kappa Group (CDI) (SKG) 2,784.00p 3.96%
Hargreaves Lansdown (HL.) 823.40p 3.83%
Kingfisher (KGF) 235.50p 3.79%
JD Sports Fashion (JD.) 149.85p 3.70%
Frasers Group (FRAS) 725.50p 3.64%
FTSE 100 – Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 156.75p -2.18%
Bunzl (BNZL) 2,812.00p -2.16%
Airtel Africa (AAF) 105.10p -0.19%
Reckitt Benckiser Group (RKT) 5,740.00p 0.07%
Diageo (DGE) 3,292.50p 0.09%
GSK (GSK) 1,320.80p 0.21%
Unilever (ULVR) 3,971.50p 0.28%
AstraZeneca (AZN) 10,114.00p 0.32%
London Stock Exchange Group (LSEG) 8,036.00p 0.40%
Compass Group (CPG) 2,084.00p 0.48%
