FTSE 100 movers: BT group lifted by Nomura upgrade

22nd Mar 2013 15:23

BT Group rose after Nomura upgraded the stock to 'buy', raising its target price from 290p to 360p, citing positive news flow from the company's upcoming restructuring plan, and a "solid" launch of BT Sport, which it believes will "override noise on union wage negotiations and the widening of the pension deficit".AstraZeneca continued to rise one day after it unveiled its strategy review, and despite Panmure Gordon giving a cautious outlook on what it will mean for the company. Analyst Savvas Neophytou said "we believe [the review] will improve sentiment in the long run, but overall we believe the company will struggle to break out and we will continue to advocate taking profits when the share price reaches our price target of £32.00". Oil giant BP was a high riser after saying that it intends to carry out a share repurchase programme with a total value of $8.0bn. The decision to buy-back shares follows the completion of the sale of BP's 50% interest in TNK-BP to Russian oil company Rosneft. Market forecasts were for a buyback closer to $5-6bn. National Grid gained after HSBC raised its target price from 780p to 850p and upgraded the stock to overweight. Heading the other way was high-end fashion group Burberry which sunk in sympathy with sector peer Mulberry after the latter warned on profits this morning. Mulberry said that trading since Christmas has been "disappointing" reflecting a reduction in tourist spend in London.Miners were also dragging on the FTSE, hit by on-going concerns over the Eurozone and the unveiling crisis in Cyprus, as well as falling metal prices. FTSE 100 - RisersBT Group (BT.A) 277.40p +4.17%AstraZeneca (AZN) 3,240.00p +3.42%Sainsbury (J) (SBRY) 377.50p +2.61%Marks & Spencer Group (MKS) 399.00p +2.31%BP (BP.) 458.85p +2.10%Centrica (CNA) 359.00p +1.84%BAE Systems (BA.) 391.70p +1.82%Smith & Nephew (SN.) 752.50p +1.69%National Grid (NG.) 756.00p +1.68%International Consolidated Airlines Group SA (CDI) (IAG) 260.90p +1.48%FTSE 100 - FallersBurberry Group (BRBY) 1,337.00p -3.60%Petrofac Ltd. (PFC) 1,464.00p -2.46%Aberdeen Asset Management (ADN) 407.20p -2.19%IMI (IMI) 1,270.00p -1.70%Weir Group (WEIR) 2,230.00p -1.55%Eurasian Natural Resources Corp. (ENRC) 289.90p -1.50%Melrose Industries (MRO) 257.90p -1.26%Evraz (EVR) 228.60p -1.25%London Stock Exchange Group (LSE) 1,318.00p -1.20%Vedanta Resources (VED) 1,096.00p -1.17%NR