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FTSE 100 movers: Entain jumps; BA and easyJet fly lower
(Sharecast News) - London's FTSE 100 was down 0.2% at 8,231.75 in afternoon trade on Monday. Ladbrokes owner Entain jumped as it reiterated its guidance for FY24 EBITDA. The shares were hit last week after rival Flutter Entertainment downgraded its US guidance due to unfavourable sports results.
Flutter was also in the black.
Russ Mould, investment director at AJ Bell, said: "Entain has dodged a bullet in terms of punters cleaning up on NFL bets over the past few months. The market had started to worry Entain would suffer the same fate as Flutter in having a dramatic losing streak with US sporting bets, causing the share price to be weak in recent sessions.
"That's prompted Entain to come out with a trading update and reiterate previous earnings guidance for its BetMGM US joint venture.
"Rather than deliver the bad news investors had expected, Entain also said its group earnings would be at the top of previous guidance. That took the market by surprise and triggered a surge in the share price.
"Investors will be keen to know how it has managed to achieve this result, but they'll have to wait as the trading update is short on detail. BetMGM updates on 4 February and Entain reports on 6 March, the latter is expected to contain an update on the group's strategy under its new chief executive, Gavin Isaacs, who is under pressure to get the business back on top after a troublesome few years.
"Entain might have scored the winning goal in recent months, but its share price has more than halved since 2021 which implies something drastic needs to be done to revive its fortunes and win back the market's favour. Today's trading update is a good start, but the market will need more good news rather than a stroke of luck."
Shell gushed higher as oil prices rose on concerns about further US sanctions against Russia.
BA and Iberia owner IAG and easyJet both flew lower on the rising oil price.
FTSE 100 - Risers
Intermediate Capital Group (ICG) 2,062.00p 1.78% Flutter Entertainment (DI) (FLTR) 20,810.00p 1.66% Entain (ENT) 634.40p 1.63% Anglo American (AAL) 2,458.50p 1.47% Rentokil Initial (RTO) 382.70p 1.32% Glencore (GLEN) 363.40p 1.31% NATWEST GROUP (NWG) 379.10p 1.26% Shell (SHEL) 2,652.00p 1.03% Schroders (SDR) 306.80p 0.99% Sainsbury (J) (SBRY) 254.20p 0.87%
FTSE 100 - Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 302.60p -4.21% Fresnillo (FRES) 644.00p -3.59% Diageo (DGE) 2,373.00p -3.00% Rightmove (RMV) 626.20p -2.97% Persimmon (PSN) 1,049.50p -2.55% Pearson (PSON) 1,259.50p -2.55% Rolls-Royce Holdings (RR.) 565.80p -2.45% easyJet (EZJ) 495.60p -2.40% Halma (HLMA) 2,631.00p -2.27% Smith (DS) (SMDS) 557.50p -2.19%
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