FTSE 100 movers: Meggitt dives on gloomy outlook

6th Mar 2012 14:53

Meggitt, the engineering company focused on the aerospace, defence and energy markets, fell after warning investors that the outlook for defence expenditure in the US, its single most important military market, continues to be challenging in the medium term, given the requirement for the administration to reduce the fiscal deficit.Revenue in 2011 rose by a quarter to £1,455.3m from £1,162.0m in 2010, and roughly in line with market expectations of £1,458.7m. The company said it continues to expect organic revenue growth of 6 to 7% on average over the next five years. "In short, the 2011 result looks fine, but we harbour some reservations about the long-term outlook," said analysts at Jefferies. Polymetal was also heading significantly lower after UBS analyst Anastasia Gracheva said the firm is "unlikely to avoid cost inflation" and cut its rating on the stock from buy to neutral. Meanwhile, mining firm Fresnillo was one of the few rising after seeing sales rise by more than a half in 2011, helped by a surge in metals prices and an increase in production.Acquisition-hungry caterer Compass took a hit despite buying another company, this time in Japan. It has gobbled up NKS Kabushiki Kaisha and associated companies a provider of food services, primarily to the healthcare sector, in Japan. FTSE 100 - RisersHargreaves Lansdown (HL.) 455.90p +2.38%National Grid (NG.) 653.50p +0.69%Fresnillo (FRES) 1,844.00p +0.66%GlaxoSmithKline (GSK) 1,406.50p +0.18%British American Tobacco (BATS) 3,205.50p +0.02%FTSE 100 - FallersMeggitt (MGGT) 374.30p -6.47%Polymetal International (POLY) 953.00p -6.20%Essar Energy (ESSR) 100.80p -5.88%Wolseley (WOS) 2,301.00p -5.00%Eurasian Natural Resources Corp. (ENRC) 641.50p -4.96%ICAP (IAP) 382.70p -4.54%Barclays (BARC) 241.55p -4.49%Evraz (EVR) 387.90p -4.27%Aviva (AV.) 352.10p -4.16%Antofagasta (ANTO) 1,241.00p -3.95%NR