FTSE 100 movers: Man followers in happy mood

30th Sep 2009 14:19

Hedge fund manger Man is the best performer after a bullish trading update. "Investor sentiment is continuing to improve across the industry, the performance outlook is healthy and the prospects for sustained industry inflows are very promising," chief executive Peter Clarke said.Evolution Securities rates the shares a 'buy', taking the view that the worst is behind Man now, with funds under management growing and redemptions declining.'We retain our buy recommendation as, with positive momentum developing, we believe Man's growth potential is not currently recognised at 13.6 times 2010 earnings per share,' Evolution analyst Michael Sanderson said. The trading update from travel group Thomas Cook received a mixed reception, however, despite the company talking up a strong finish to the summer season. Panmure Gordon retains its 'buy' recommendation, however, saying the shares are underpriced on a projected 2010 earnings multiple of 7.5 and supported by a dividend yield of 4.5%. The broker has a 310p price target for the shares.Fashion and food retailer Marks & Spencer posted a 0.5% fall in like-for-like sales in the 13 weeks to 26 September as recession-hit shoppers stayed frugal. Chairman Sir Stuart Rose said he remains cautious on the company's outlook and expects 2010 to be a tough year. M&S shares fall back, taking sector peer Next with them.FTSE 100 - RisersMan Group (EMG) 333.80p +8.34%Smiths Group (SMIN) 891.00p +6.32%Legal & General Group (LGEN) 87.45p +5.68%Aviva (AV.) 451.60p +4.73%Standard Life (SL.) 223.00p +4.60%RSA Insurance Group (RSA) 135.40p +4.07%Wolseley (WOS) 1,511.00p +4.06%Lonmin (LMI) 1,711.00p +3.82%FTSE 100 - FallersThomas Cook Group (TCG) 233.00p -3.24%Marks & Spencer Group (MKS) 363.80p -2.93%TUI Travel (TT.) 258.20p -2.93%Home Retail Group (HOME) 274.70p -1.89%Land Securities Group (LAND) 626.50p -1.80%Liberty International (LII) 490.70p -1.80%Next (NXT) 1,821.00p -1.57%Reed Elsevier (REL) 466.90p -1.48%