FTSE 100 movers: Bunzl in top spot after rating upgrade

14th Feb 2012 13:47

Distribution and outsourcing firm Bunzl was the top of the risers list after JP Morgan upped its recommendation from neutral to overweight on valuation grounds. "We believe that the recent relative underperformance could be a good entry point ahead of FY results on 27 February," the US broker said. Outsourcing specialist Capita was also on the rise having been selected as the recommended supplier for the Army's Recruiting Partnering Project (RPP). The RPP Project board has endorsed the Army's selection of Capita as the recommended supplier to partner with the Ministry of Defence to deliver the RPP to the Army, and the enabling ICT for the Royal Navy and the Royal Air Force.Meanwhile, RBS and Lloyds were both falling, with both stocks firmly in the red following a mass downgrade of European sovereigns by Moody's. Miners were also out of favour, with Rio Tinto, Vedanta Resources and Anglo American all among the worst performers. BHP Billiton and Rio both approved a major investment to ramp up production at the Escondida copper project in Chile worth over $4.5bn, it was announced this morning. BHP also announced a 17% increase in the mineral resources and a 25% increase in the ore reserves at Escondida following successful brownfield exploration and accelerated in-fill development drilling programmes. InterContinental Hotels Group was also falling by the afternoon, despite increasing the full year dividend by 15% after it continued to outperform the hotel industry in key markets such as the US and Greater China in 2011. The firm said it is increasingly looking to emerging markets to generate profit growth as things start to look a bit sticky in Europe. FTSE 100 - RisersBunzl (BNZL) 907.50p +3.36%Meggitt (MGGT) 372.60p +2.08%Man Group (EMG) 133.80p +1.98%BAE Systems (BA.) 326.20p +1.94%Capita (CPI) 646.00p +1.81%Burberry Group (BRBY) 1,414.00p +1.51%Eurasian Natural Resources Corp. (ENRC) 712.00p +1.42%Smiths Group (SMIN) 1,064.00p +1.33%Wolseley (WOS) 2,346.00p +1.21%United Utilities Group (UU.) 604.50p +1.17%FTSE 100 - FallersRoyal Bank of Scotland Group (RBS) 27.13p -3.45%Rio Tinto (RIO) 3,738.50p -2.78%Lloyds Banking Group (LLOY) 34.45p -2.41%ITV (ITV) 78.10p -2.01%Xstrata (XTA) 1,189.00p -1.98%Vedanta Resources (VED) 1,259.00p -1.79%Anglo American (AAL) 2,772.00p -1.60%Essar Energy (ESSR) 127.10p -1.47%Rexam (REX) 374.60p -1.37%Glencore International (GLEN) 423.40p -1.36%