FTSE 100 movers: Carnival climbs on upgrade

22nd Sep 2009 14:31

Bank of America Merrill Lynch has added Carnival to its 'Europe 1' list of preferred stocks ahead of the cruise ship operator's third quarter results due out Tuesday afternoon. The cruise company has been hard hit by various issues such as the credit crunch and swine flu in the last couple of years but Merrill Lynch sees 'significant opportunities for net revenue yield improvement from current depressed levels.' The broker believes the company's shares offer 'an attractively priced way of playing a US-led consumer recovery' and has set a price target of £23.90 for the shares.Rio Tinto is wanted after it sold off another chunk of Alcan. The heavily indebted miner sold Alcan Composites, part of the Alcan Engineered Products division, to Swiss firm Schweiter Technologies for $349m. Last week, Rio announced the sale of 56% of the Alcan Engineered Products Cable business to Platinum Equity. Elsewhere in the mining sector Eurasian Natural Resources, Lonmin, Xstrata and Vedanta Resources all advance while precious metals miners Fresnillo and Randgold Resources are also on the climb. FTSE 100 - RisersEurasian Natural Resources (ENRC) 919.00p +5.15%Carnival (CCL) 2,152.00p +4.47%Fresnillo (FRES) 787.00p +4.45%TUI Travel (TT.) 278.60p +3.57%Rio Tinto (RIO) 2,733.00p +3.37%Vedanta Resources (VED) 2,001.00p +3.14%Old Mutual (OML) 98.95p +2.97%Lonmin (LMI) 1,749.00p +2.94%FTSE 100 - FallersUnited Utilities Group (UU.) 453.00p -2.69%Severn Trent (SVT) 974.00p -2.40%British Land Co (BLND) 512.50p -2.01%Cable & Wireless (CW.) 145.30p -1.69%Serco Group (SRP) 502.50p -1.47%Rexam (REX) 264.30p -1.34%Autonomy Corporation (AU.) 1,517.00p -1.30%Sainsbury (J) (SBRY) 332.00p -1.25%