FTSE 100 movers: Shell gains but EasyJet flies lower on downgrade
London's FTSE 100 was up 0.5% to 7,058.34 in afternoon trade on Friday, faring better than its European counterparts, which were dragged lower by the latest clash between the EU and Italy.
Oil giant Royal Dutch Shell was on the rise as oil prices increased, with West Texas Intermediate and Brent crude up 0.9% and 1% respectively to $69.26 and $80.09 a barrel.
Equipment rental firm Ashtead was under the cosh for the second day running after US peer United Rentals' guidance disappointed on Wednesday. United Rentals shares ended down nearly 15% overnight.
EasyJet flew lower as MainFirst cut its stance on the stock to 'underperform' from 'neutral' and slashed the price target to 900p from 1,600p in a broader note on airlines.
MainFirst said EasyJet has more than 8% capacity growth on its routes this winter putting pressure on prices.
"Up until FY-21 we see challenged by simultaneous top-line and cost pressures resulting in margin, return on capital employed and free cash flow squeeze."
British Airways and Iberia parent International Consolidated Airlines Group was also in the red as MainFirst kept its 'outperform' rating on the stock but trimmed its price target to €8 from €9.
Elsewhere, Rentokil Initial was on the back foot a day after the release of its third-quarter update and news that the Competition and Markets Authority may force it to sell the UK arm of its newly-acquired Cannon Hygiene business.
FTSE 100 - Risers
Reckitt Benckiser Group (RB.) 6,695.00p 3.46%
Unilever (ULVR) 4,108.00p 3.05%
Melrose Industries (MRO) 167.90p 2.32%
Diageo (DGE) 2,685.00p 2.31%
Tesco (TSCO) 212.41p 1.58%
Croda International (CRDA) 4,743.00p 1.54%
Royal Dutch Shell 'B' (RDSB) 2,571.00p 1.54%
Royal Dutch Shell 'A' (RDSA) 2,525.50p 1.51%
Centrica (CNA) 149.40p 1.49%
SSE (SSE) 1,145.50p 1.46%
FTSE 100 - Fallers
Ashtead Group (AHT) 1,823.50p -5.84%
easyJet (EZJ) 1,074.55p -5.74%
InterContinental Hotels Group (IHG) 3,996.00p -5.24%
NMC Health (NMC) 3,012.00p -3.95%
Rentokil Initial (RTO) 301.60p -3.61%
Smith (DS) (SMDS) 390.40p -3.34%
Barratt Developments (BDEV) 501.00p -2.57%
International Consolidated Airlines Group SA (CDI) (IAG) 561.20p -2.47%
Taylor Wimpey (TW.) 153.55p -2.45%
Micro Focus International (MCRO) 1,360.00p -2.19%