FTSE 100 Movers: Man Group leads the way lower

1st Nov 2011 13:57

Man Group was heading lower despite Credit Suisse reiterating its outperform rating and 235p target on the stock. The stock has been contaminated by association with its former subsidiary, US futures broker MF Global, which applied for bankruptcy yesterday.Barclays was close behind after UBS downgraded it from buy to neutral, although it raised its target price on the stock from 208p to 215p. Investec kept its buy rating and 330p target for the bank. Legal and General wasn't far behind after seeing its sales drop slightly in the third quarter, although the company preferred to focus on its cash generation, which it said remains strong.Nomura kept its buy rating and 180p target on the stock, while Investec kept its sell rating and 80p target. Meanwhile, security firm G4S was on the up after pulling out of its attempt to buy the Danish cleaning company ISS for £5.2bn after shareholders blocked the deal. According to Alf Duch-Pedersen, Chairman of G4S, shareholders raised concerns over the "scale and complexity" of the transaction. Cigarette firm Imperial Tobacco was also rising after it saw full-year revenues rise 3.7% in the 12 months to the end of September despite a 1.5% decline in the volume of cigarettes and fine cut tobacco shipped. Revenues for the year totalled £29,223m, up from £28,173m the year before, even as the number of "stick equivalents" shifted eased to 343.4bn from 348.5bn the year before. Nomura reiterated its buy recommendation and 2,400p target on the stock while Investec put its buy rating and 2,320p target under review. Miners were out of favour on Tuesday also, as the worrying data in China spurred concerns over demand for resources from the world's second-largest economy. Kazakhmys, Antofagasta and Xstrata were firmly in the red.FTSE 100 - RisersReckitt Benckiser Group (RB.) 3,227.00p +0.91%National Grid (NG.) 617.50p 0.00%British Sky Broadcasting Group (BSY) 703.50p -0.07%G4S (GFS) 243.80p -0.16%Imperial Tobacco Group (IMT) 2,270.00p -0.18%Diageo (DGE) 1,286.00p -0.23%Next (NXT) 2,544.00p -0.47%British American Tobacco (BATS) 2,849.00p -0.54%SSE (SSE) 1,333.00p -0.82%Shire Plc (SHP) 1,933.00p -0.92%FTSE 100 - FallersMan Group (EMG) 135.30p -9.74%Barclays (BARC) 176.60p -9.58%Royal Bank of Scotland Group (RBS) 22.49p -7.18%Kazakhmys (KAZ) 862.00p -7.06%Legal & General Group (LGEN) 103.00p -6.79%ICAP (IAP) 377.20p -6.66%Xstrata (XTA) 977.30p -6.52%Aviva (AV.) 318.70p -6.48%Weir Group (WEIR) 1,808.00p -5.78%Antofagasta (ANTO) 1,100.00p -5.74%NR