FTSE 100 movers: Kingfisher boosted by bullish update

2nd Jun 2009 11:21

Kingfisher leads Footsie higher after an upbeat first quarter update this morning. Broker Charles Stanley reckons the jury is still out on the prospects of the DIY retailer, despite upgrading its recommendation on the stock to hold from reduce.'A further weather related seasonal bounce is unlikely in 2009 and management continues to plan for a particularly tough balance of the year in its major markets. Increased focus on gross margin, costs and cash generation, however, means it believes the group will be well placed when consumer demand improves,' Charles Stanley analyst Sam Hart said.Barclays is nursing a double-digit percentage decline after news that International Petroleum Investment Company (IPIC) is selling 1.3bn of the UK bank's shares. Credit Suisse is reported to have placed the shares at around 267p, equivalent to £3.5bn. Khadem Al Qubaisi, managing director of IPIC, said that the sale did not represent a lack of faith in Barclays, its management or current strategy.FTSE 100 - RisersKingfisher (KGF) 193.70p +5.39%Home Retail Group (HOME) 250.25p +3.41%Prudential (PRU) 460.00p +2.45%BT Group (BT.A) 94.00p +2.40%Friends Provident (FP.) 69.50p +1.76%Fresnillo (FRES) 723.50p +1.62%Marks & Spencer Group (MKS) 289.25p +1.40%Sainsbury (J) (SBRY) 313.00p +1.29%FTSE 100 - FallersBarclays (BARC) 273.00p -13.68%Lloyds Banking Group (LLOY) 69.10p -4.69%Balfour Beatty (BBY) 335.50p -3.87%Hammerson (HMSO) 294.75p -3.68%WPP Group (WPP) 462.25p -3.55%Autonomy Corporation (AU.) 1,479.00p -3.14%Royal Bank of Scotland Group (RBS) 39.00p -2.99%Anglo American (AAL) 1,855.00p -2.88%