FTSE 100 movers: Sainsbury’s rallies on update; airlines fly lower
The London FTSE 100 fell 0.2% to 6,829.47 in afternoon trading Thursday.
Sainsbury’s rebounded as earnings forecasts were raised after a booming holiday season as the British indulged in champagne and steaks, in response to record-breaking pandemic restrictions on congregation sizes and online ordering.
The company now expects to post adjusted pre-tax earnings of at least £ 330m in March 2021 through March 2021, compared to previous expectations of £ 270m compared to £ 586m a year ago after receiving relief from the Business rates of £ 410 million were waived.
Paper and packaging group Worlds was also firmer on an upbeat note from Jefferies, which improved the outlook for the packaging sector to positive. Jefferies held Mondi as the top pick in the industry with a Buy recommendation and a target price of 2,050p.
Building materials group CRH was also higher after upgrading to “buy” from Societe Generale.
British Airways owner IAG fell as a low-cost airline Ryanair said it cut its flight schedule and annual traffic forecasts after new lockdowns in the UK and Ireland in response to a new variant of the coronavirus.
And in addition, Wizz Air said it canceled most of its flights to the UK in January due to the latest lockdown.
FTSE 100 riser
Sainsbury (J) (SBRY) 242.90p 4.47%
Ferguson (FERG) 9,178.00p 2.96%
BT Group (BT.A) 144.35p 2.34%
Imperial Brands (IMB) 1,630.00 p 2.16%
Hargreaves Lansdown (HL.) 1,570.00p 1.82%
Worlds (MNDI) 1,857.00p 1.78%
Rio Tinto (RIO) 6,221.00p 1.73%
CRH (CRH) 3,440.00p 1.71%
Net present value of Pershing Square Holdings Ltd (PSH) 2,655.00p 1.53%
Evraz (EVR) 522.60p 1.36%
FTSE 100 – Faller
Auto Trader Group (AUTO) 583.40p -4.33%
M & G (MNG) 197.75p -2.78%
International Consolidated Airlines Group SA (CDI) (IAG) 153.75p -2.75%
British Land Company (BLND) 475.80p -2.66%
Right Movement (RMV) 629.00p -2.45%
InterContinental Hotels Group (IHG) 4,707.00p -2.22%
DCC (DCC) 5,476.00p -2.21%
Experian (EXPN) 2,819.00p -2.08%
White bread (WTB) 3,077.00 p -2.07%
Pearson (PSON) 684.00p -2.03%