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FTSE 100 movers: Admiral hit by downgrade; miners rally
(Sharecast News) - London's FTSE 100 was flat at 7,573.21 in afternoon trade on Tuesday. Miners Glencore, Antofagasta and Anglo American rallied after China cut borrowing costs.
Insurer Admiral was knocked lower by a downgrade to 'sell' at Citi, which said a 'deep dive' into industry loss ratio trends had suggested that consensus estimates for the group are currently an outlier.
"We downgrade Admiral to sell and issue a negative catalyst watch as we expect an earnings expectation reset and material downside risk into 1H23E numbers," Citi said. The bank said it's 10% below both 1H23 and FY23 consensus earnings per share estimates.
Housebuilders Taylor Wimpey and Persimmon were under the cosh amid expectations that further rates hikes by the Bank of England will push borrowing costs up even more. UK wage growth data out earlier added to expectations of more rate hikes.
FTSE 100 - Risers
Glencore (GLEN) 453.95p 3.89% Fresnillo (FRES) 668.40p 3.05% Rio Tinto (RIO) 5,199.00p 2.58% Endeavour Mining (EDV) 2,086.00p 2.56% Antofagasta (ANTO) 1,491.00p 2.40% Anglo American (AAL) 2,468.50p 2.15% Ocado Group (OCDO) 408.50p 1.97% Frasers Group (FRAS) 694.00p 1.39% Spirax-Sarco Engineering (SPX) 11,410.00p 1.33% Hargreaves Lansdown (HL.) 870.20p 1.28%
FTSE 100 - Fallers
Admiral Group (ADM) 2,204.00p -5.33% British Land Company (BLND) 334.30p -2.79% SEGRO (SGRO) 759.80p -2.51% Taylor Wimpey (TW.) 111.85p -2.40% Persimmon (PSN) 1,194.00p -2.17% Land Securities Group (LAND) 597.60p -1.78% JD Sports Fashion (JD.) 146.60p -1.58% BT Group (BT.A) 141.40p -1.57% Unite Group (UTG) 896.00p -1.54% Reckitt Benckiser Group (RKT) 5,900.00p -1.50%
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