FTSE 100 Movers: Cairn disappoints investors

13th Sep 2011 13:23

Shares in Edinburgh-based oil and gas titan Cairn Energy took a dive after it reported disappointing results from its offshore drilling campaign offshore Greenland, with one well coming up dry and another showing only minor hydrocarbons.The Gamma-1 well in the Eqquar Block reached its targeted total depth, but the group is now planning to plug and abandon the well after no reservoir or hydrocarbon shows. High street retail giant Marks & Spenser (M&S) got a boost to its share price after Singer Capital Markets upgraded it from fair value to "buy" and upped its target price from 344p to 350p following the recent share price weakness and expected growth potential."M&S has performed poorly this year, falling 25% between May and early September as the consumer outlook worsened. However, the M&S consumer has proven more resilient than most and we are now nearing the point where the investment programme will start to lift a currently dull earnings per share (EPS) trajectory," the broker said.FTSE 100 - RisersMan Group (EMG) 225.60p +4.35%Inmarsat (ISAT) 478.60p +1.89%Standard Chartered (STAN) 1,346.50p +1.66%Marks & Spencer Group (MKS) 317.50p +0.95%Royal Bank of Scotland Group (RBS) 21.58p +0.37%ARM Holdings (ARM) 582.50p +0.34%Carnival (CCL) 1,930.00p +0.26%Autonomy Corporation (AU.) 2,524.00p +0.24%Lloyds Banking Group (LLOY) 31.11p +0.23%Burberry Group (BRBY) 1,285.00p +0.23%FTSE 100 - FallersCairn Energy (CNE) 281.90p -11.52%Fresnillo (FRES) 1,929.00p -10.28%Schroders (SDR) 1,309.00p -5.42%Vedanta Resources (VED) 1,291.00p -5.21%Land Securities Group (LAND) 676.00p -5.12%Aggreko (AGK) 1,785.00p -4.80%Schroders (Non-Voting) (SDRC) 1,057.00p -4.43%Antofagasta (ANTO) 1,234.00p -4.27%Intertek Group (ITRK) 1,908.00p -4.26%Petrofac Ltd. (PFC) 1,311.00p -4.17%NR