FTSE 100 movers: ABF lifted by JPMorgan rating

26th Aug 2014 16:37

Associated British Foods was a top performer on Tuesday after JPMorgan Chase & Co. reiterated its 'overweight' rating on the stock. RSA was higher after Bank of America gave the stock a 'buy' recommendation, up from its previous rating of 'neutral', prompted by a cleaner balance sheet and better management and transparency. Packaging and cleaning supplies group Bunzl was higher after reporting a lift in underlying half-year profits and increasing its dividend. Leading the downside was Antofagasta, the Chilean copper producer, after it saw its profit before tax for the period ended 30 June fall from $981m to $850.7m due to lower copper output and prices. Net cash costs rose by 15.9% to $1.46 per pound. Earnings per share came in at 33.6 cents (consensus: 36 cents). The company maintained its full-year guidance for production. Other miners, including Rio Tinto, Fresnillo and Randgold Resources, were all registering some of the biggest losses seen on the top tier on Tuesday. Oil and gas explorer Petrofac saw revenues decline to $2.5bn over the six months ended on 30 June. Operating profits on an EBITDA basis were off by 16% to $340m. Engineering, construction, operations and maintenance (ECOM) order intake stood at $7.2bn for the first half, raising the backlog 35% to $20.3bn, "giving very good revenue visibility for the rest of the year", the company said.FTSE 100 - RisersInternational Consolidated Airlines Group SA (CDI) (IAG) 355.10p +2.63%CRH (CRH) 1,415.00p +2.61%Ashtead Group (AHT) 974.50p +2.58%Mondi (MNDI) 1,031.00p +2.38%easyJet (EZJ) 1,348.00p +2.20%Associated British Foods (ABF) 2,870.00p +2.06%G4S (GFS) 270.80p +2.03%Morrison (Wm) Supermarkets (MRW) 180.80p +1.74%WPP (WPP) 1,248.00p +1.71%Sainsbury (J) (SBRY) 311.70p +1.70%FTSE 100 - FallersAntofagasta (ANTO) 791.00p -2.10%Rio Tinto (RIO) 3,343.00p -1.46%Petrofac Ltd. (PFC) 1,113.00p -1.15%Fresnillo (FRES) 912.00p -1.03%Reckitt Benckiser Group (RB.) 5,215.00p -0.95%Aggreko (AGK) 1,720.00p -0.81%Smith & Nephew (SN.) 1,052.00p -0.57%St James's Place (STJ) 742.00p -0.40%Randgold Resources Ltd. (RRS) 4,892.00p -0.20%Prudential (PRU) 1,446.00p -0.17%NR