FTSE 100 movers: GKN gains on upbeat broker note

4th Jun 2013 14:44

GKN's shares surged Tuesday after UBS lifted its target price and retained it's 'buy' rating, saying the engineering group has "more than meets the eye". The broker said that GKN is well positioned following the acquisitions of Getrag and Volvo Aero which have transformed its Driveline and Aerospace divisions. The company also announced its GKN Sinter Metals division is planning a $10m expansion of its US-based Gallipolis production facility in southeastern Ohio's Gallia County.Another big FTSE riser, easyJet, gained following comments from Prime Markets that the airline's impressive growth over the past year was set to continue. The analyst reiterated a 'buy' recommendation and issued a target price of 1,355p for the stocks.Beverage company SABMiller advanced after announcing a new 1.0m hectolitre plant at its Ndola Brewery.In contrast, Wolseley's shares retreated after the distributor of plumbing and heating products revealed its third-quarter results were hit by the effects of Europe's weak construction sector.Evraz slumped as the steel maker was affected by negativity in the Chinese market for the alloy. Traders and steel makers in China, which accounts for 60% of global sea-borne iron-ore imports, have been selling stocks in the wake of fears over the outlook for demand in the industry.ARM Holdings plunged as analysts said the threat to its dominance in the computer chip designing sector was growing as rival Intel makes a push into the tablet and smartphone market. FTSE 100 - RisersGKN (GKN) 313.70p +5.16%easyJet (EZJ) 1,262.00p +3.36%SABMiller (SAB) 3,379.00p +2.08%Land Securities Group (LAND) 945.00p +1.83%London Stock Exchange Group (LSE) 1,405.00p +1.74%Aberdeen Asset Management (ADN) 464.00p +1.64%Schroders (SDR) 2,375.00p +1.63%Old Mutual (OML) 205.50p +1.63%HSBC Holdings (HSBA) 729.50p +1.56%Standard Life (SL.) 392.30p +1.53%FTSE 100 - FallersWolseley (WOS) 3,188.00p -5.03%Evraz (EVR) 135.60p -1.53%ARM Holdings (ARM) 905.50p -1.47%Aggreko (AGK) 1,685.00p -1.23%Smiths Group (SMIN) 1,355.00p -1.17%Anglo American (AAL) 1,530.00p -0.65%Johnson Matthey (JMAT) 2,599.00p -0.54%Marks & Spencer Group (MKS) 464.30p -0.54%Severn Trent (SVT) 2,031.00p -0.54%AstraZeneca (AZN) 3,339.50p -0.42%RD