FTSE 100 movers: EasyJet flies higher despite falling profits; Mediclinic hit by downgrade
The FTSE 100 was trading 0.38% higher on Tuesday afternoon ahead of Philip Hammond’s Budget speech on Wednesday.
Budget airline easyJet was one of the catalysts of the gains, as it flew 5.56% higher despite reporting a fall in annual profits. The carrier said in a statement it foresees a winter price boost following the downfall of rival Monarch Airlines.
Among the other stocks who were performing well was BHP Billiton, after the miner said it had reached an agreement with Brazilian regulators in negotiations related to claims from a collapsed dam in 2015.
Energy supplier SSE also buzzed higher after it received an upgrade to ‘buy’ from ‘hold’ at Jefferies. The bank also upped its target price pn the stock to 1,700p from 1,400p.
Going the other way, Mediclinic International was the standout loser following a downgrade to ‘underperform’ by Macquarie. Mediclinic walked away from a potential bid to take over Spire Healthcare at the start of the week.
Intertek traded lower even though it reported revenue which was higher year-to-date than the same period last year, while Babcock International also dropped despite underlying revenue increasing by 6% during the first half of the financial year.
Specialty chemicals company Johnson Matthey retreated as it reported a 2% drop in first-half operating profit, while catering group Compass fell despite posting a rise in full-year profit as revenue grew thanks in part to a solid performance in North America.
Building materials group CRH was also on the back foot even as it said it continues to expect another year of progress and reported an increase in sales for the first nine months of the year.
FTSE 100 - Risers
easyJet (EZJ) 1,356.67p 6.16%
NMC Health (NMC) 2,846.00p 4.25%
Imperial Brands (IMB) 3,115.00p 2.91%
Standard Life Aberdeen (SLA) 434.30p 2.77%
Prudential (PRU) 1,920.00p 2.02%
BHP Billiton (BLT) 1,383.50p 1.69%
Informa (INF) 746.50p 1.63%
SSE (SSE) 1,349.30p 1.37%
British American Tobacco (BATS) 5,063.00p 1.22%
Aviva (AV.) 506.42p 1.18%
FTSE 100 - Fallers
Mediclinic International (MDC) 509.50p -5.39%
Intertek Group (ITRK) 5,160.00p -4.53%
Babcock International Group (BAB) 722.00p -4.31%
Johnson Matthey (JMAT) 3,156.00p -3.49%
Compass Group (CPG) 1,543.00p -3.02%
CRH (CRH) 2,681.00p -2.15%
Merlin Entertainments (MERL) 365.00p -1.99%
Convatec Group (CTEC) 197.40p -1.79%
Bunzl (BNZL) 2,151.00p -1.78%
GlaxoSmithKline (GSK) 1,296.00p -1.33%