FTSE 100 movers: Hikma rallies on upgrade; BP hit by downgrade
The London FTSE 100 fell 0.4% to 6,748.07 in afternoon trading on Wednesday.
Hikma Pharmaceuticals was the top performer after upgrading to Buy from Hold at Jefferies.
“We are arming to buy as we believe stocks have yet to reflect a number of upcoming product catalysts beyond gVascepa & Gx Advair,” it said. “As a Momentum share, we are looking beyond FY 21. Our EBITA forecasts for FY 22 are 5% above consensus. FY 23 is 11%.”
The bank also noted a potential plus in Gx pricing if current trends persist. “We continue to view injectables in poor health,” he added.
BT Group was also in the black after Bank of America Merrill Lynch upgraded its shares to “Buy”.
Oil giant BP was on his hindfoot after being downgraded to “underweight” at Morgan Stanley. The bank commented on BP – and total– which it also downgraded – were unchanged, but it lowered ratings to compensate for a double upgrade from Eni.
FTSE 100 riser
Hikma Pharmaceuticals (HIK) 2,280.00p 3.64%
Admiral Group (ADM) 3,094.00 p 1.81%
Aveva Group (AVV) 3,415.00p 1.64%
CRH (CDI) (CRH) 3,434.00p 1.63%
BT Group (BT.A) 156.20p 1.63%
Bunzl (BNZL) 2,336.00p 1.48%
Polymetal International (POLY) 1,410.00 p 1.48%
Smiths Group (SMIN) 1,556.50p 1.30%
SSE (SSE) 1,452.50p 1.25%
Scottish Mortgage Inv Trust (SMT) 1,107.00p 1.10%
FTSE 100 – Faller
British Land Company (BLND) 511.40p -2.03%
Intermediate Capital Group (ICP) 1,849.00p -1.96%
Standard Chartered (STAN) 503.60p -1.95%
WPP (WPP) 929.00p -1.94%
Royal Dutch Shell ‘B’ (RDSB) 1,343.60p -1.83%
Royal Dutch Shell ‘A’ (RDSA) 1,421.00 p -1.73%
Johnson Matthey (JMAT) 3,042.00 p -1.62%
Worlds (MNDI) 1,883.00p -1.57%
Right Movement (RMV) 578.20p -1.50%
BP (BP.) 297.05p -1.48%