FTSE 100 movers: Kazakhmys in red on plans to slash divi

28th Feb 2013 15:21

Copper giant Kazakhmys was the worst performer of the day after saying that it would be slashing its dividend for 2012 to reflect falling profits. The company also said that its CFO would step down in May, when its Chairman is also due to retire. UK lender RBS slumped in morning trade despite core operating profits coming in ahead of expectations. CEO Stephen Hester said that there was "important work still to do" as the the bank continued to be hit by fines from mis-selling products and rate-rigging scandals. Other mining stocks were also lower as metals prices slipped: ENRC, Randgold, Polymetal and Anglo American were registering steep losses. Outsourcing firm Capita fell despite reporting a solid 14% increase in revenue in 2012, while underlying operating profit gained 10%. Meanwhile, British Airways owner IAG soared as its operating loss of €107m for 2012 was better than the company's guidance in November of €120m. ITV was firmly in positive territory following a raft of broker notes on the back of yesterday's increased dividend and soaring revenues. Westhouse Securities increased its target price from 133p to 141p and upgraded the stock from add to buy, while Investec shifted its target price from 100p to 110p and upgraded from sell to hold. JP Morgan increased its target price from 120p to 126p, while its neutral rating remained unchanged. Panmure Gordon upped its target price from 140p to 180p, leaving its buy recommendation unaltered. Whitbread got a boost after Nomura upped its target price from 2,650p to 2,968p and left its buy recommendation unaltered. Publishing and events group Reed Elsevier climbed after it reported a rise in revenues for 2012, driven by volume growth, new products and expansion in lucrative markets.FTSE 100 - RisersInternational Consolidated Airlines Group SA (CDI) (IAG) 239.70p +8.12%ITV (ITV) 124.70p +4.79%GKN (GKN) 275.90p +4.43%Whitbread (WTB) 2,519.00p +2.65%Standard Life (SL.) 349.60p +2.25%Barclays (BARC) 308.45p +2.20%Reed Elsevier (REL) 714.00p +2.15%Legal & General Group (LGEN) 160.90p +2.09%Lloyds Banking Group (LLOY) 54.77p +1.99%Land Securities Group (LAND) 830.50p +1.84%FTSE 100 - FallersKazakhmys (KAZ) 623.00p -7.98%Royal Bank of Scotland Group (RBS) 324.80p -6.34%Petrofac Ltd. (PFC) 1,446.00p -3.41%Eurasian Natural Resources Corp. (ENRC) 337.60p -2.71%Capita (CPI) 826.50p -2.54%Randgold Resources Ltd. (RRS) 5,490.00p -2.49%Anglo American (AAL) 1,909.50p -2.20%Antofagasta (ANTO) 1,096.00p -1.70%Vedanta Resources (VED) 1,166.00p -1.19%Shire Plc (SHP) 2,078.00p -1.14%NR