FTSE 100 movers: ARM lifted by Goldman Sachs rating

18th Aug 2014 16:11

ARM Holdings was lifted by Goldman Sachs, which put the chipmaker on its 'conviction buy' list. Travis Perkins rose after Liberum Capital kept its 'buy' recommendation on the stock, despite reducing its target price from 2,190p to 2,100p. Mining group Rio Tinto edged higher after saying it will decide on the future of its majority stake in a long-dormant copper mine in Papua New Guinea. BHP Billiton also continued to rise after saying on Friday it is considering a demerger of non-core assets.Meanwhile, grocery stocks were bucking the upwards trend, with supermarket heavyweights Tesco and Wm Morrison under pressure on concerns over their dividends. David Herro of Harris Associates, who holds a 3% stake in Tesco, suggested that the company should slash its payout, telling The Sunday Times that "in general, dividends should be covered by free cash" and that "this is not the case with Tesco". He added: "[The dividend] should be cut if it's paid for by borrowing."Shore Capital pushed Morrisons lower after it repeated its 'sell' rating, saying that the move could improve like-for-like sales trends, but will lead to higher operating costs. They also said: "Uncertainty and poor visibility contribute to our cautious stance on Morrison's shares and our concern about the sustainability of its dividend."Royal Mail was firmly in the red amid further concerns about its outlook, with Jefferies reiterating its 'underperform' rating and cutting its target price from 420p to 400p. FTSE 100 - RisersInternational Consolidated Airlines Group SA (CDI) (IAG) 342.90p +3.10%ARM Holdings (ARM) 932.50p +2.81%AstraZeneca (AZN) 4,193.50p +2.47%Aggreko (AGK) 1,748.00p +2.22%Hargreaves Lansdown (HL.) 1,104.00p +2.22%Travis Perkins (TPK) 1,720.00p +2.08%easyJet (EZJ) 1,312.00p +1.78%Associated British Foods (ABF) 2,856.00p +1.75%Persimmon (PSN) 1,335.00p +1.75%Glencore (GLEN) 364.90p +1.70%FTSE 100 - FallersRandgold Resources Ltd. (RRS) 5,025.00p -0.79%British Land Co (BLND) 726.50p -0.55%Sainsbury (J) (SBRY) 310.10p -0.51%Land Securities Group (LAND) 1,093.00p -0.46%Legal & General Group (LGEN) 237.50p -0.34%Royal Mail (RMG) 434.10p -0.34%Prudential (PRU) 1,415.50p -0.32%Tesco (TSCO) 247.30p -0.28%Reckitt Benckiser Group (RB.) 5,275.00p -0.28%Hammerson (HMSO) 611.50p -0.24%NR