FTSE 100 movers: Just eat ticks up but Carnival crashes on guidance
London's FTSE 100 was down 1.8% to 7,541.09 in afternoon trade on Monday as investors continued to fret about global trade tensions.
Just Eat was in the green as Berenberg reiterated its 'buy' stance on the stock ahead of the company's capital markets day.
"Investor focus is on delivery, and we fully expect management to major on this area at the CMD, but to also not neglect the core marketplace, which continues to go from strength to strength. Some questions may remain unanswered for now, but we urge investors to stay patient, and reiterate our buy rating."
Berenberg also noted that while Just Eat shares have bounced around 20% off the April lows, recent competitive concerns have resulted in another attractive entry point.
"The shares are trading at a material discount to peers, which we feel is unjustified given the company’s dominant market positions, attractive margins and only modestly lower growth."
Centrica ticked up as Credit Suisse upped its price target on the outperform-rated stock to 185p from 175p.
"Power, gas and oil are back to mid-2014 levels in GBP-terms, and we are close to getting a firm idea of the level of the price cap. This means that the dividend will appear increasingly sustainable," it said.
On the downside, investors in cruise operator Carnival jumped overboard after management guided to slower growth in the second half. Following a second-quarter where earnings per share grew 31% to $0.68, the third quarter is expected to see adjusted EPS no better than flat.
Software and information technology business Micro Focus was under the cosh after US peer Red Hat cut its full-year revenue forecast last week.
Miners were also weaker, with Anglo American, Glencore, BHP and Antofagasta all down, while oil giant BP gushed lower as Brent crude slid.
FTSE 100 - Risers
United Utilities Group (UU.) 754.00p 0.45%
Unilever (ULVR) 4,140.00p 0.16%
Shire Plc (SHP) 4,071.00p 0.12%
Severn Trent (SVT) 1,931.50p 0.08%
Associated British Foods (ABF) 2,836.00p 0.04%
Compass Group (CPG) 1,620.50p -0.09%
Just Eat (JE.) 823.60p -0.10%
Sky (SKY) 1,413.62p -0.10%
Centrica (CNA) 157.65p -0.22%
NMC Health (NMC) 3,554.00p -0.22%
FTSE 100 - Fallers
Carnival (CCL) 4,300.00p -9.34%
Micro Focus International (MCRO) 1,287.50p -5.61%
Anglo American (AAL) 1,623.60p -4.33%
International Consolidated Airlines Group SA (CDI) (IAG) 698.20p -3.91%
easyJet (EZJ) 1,721.00p -3.88%
Glencore (GLEN) 372.20p -3.86%
BHP Billiton (BLT) 1,602.00p -3.85%
TUI AG Reg Shs (DI) (TUI) 1,669.50p -3.61%
Antofagasta (ANTO) 993.40p -3.41%
BP (BP.) 557.10p -3.38%