FTSE 100 movers: Petrofac dives on profit warning

9th May 2014 15:08

Shares in oilfield services firm Petrofac have sunk more than 15 per cent today after the company warned on profits, saying its bottom line in 2014 is likely to weaken due to lower-than-expected earnings from its IES division. The company, which had previous guided to 'flat to modest growth' in net profit this year, now expects a decline of as much as 10.7 per cent.British Airways- and Iberia-owner IAG, which had flown higher early on, dropped lower this afternoon despite saying it had narrowed operating losses in the first quarter, helped by higher revenue and reduced fuel costs. Sector peer easyJet was also in the red. Insurer Friends Life was lower after warning that measures in the UK government's Budget will hit its ability to achieve new business targets this year. Friends Life, formerly known as Resolution, said Chancellor George Osborne's decision to relax rules forcing people to buy annuities to fund their retirement would have longer-term implications for its business and the industry.Meanwhile, department store Marks & Spencer was trading higher this afternoon as high street peer John Lewis reported 14.5% annual sales growth in the week to May 3rd.Credit Suisse drove Intertek Group higher after upping its broker rating to 'outperform' from 'neutral' and raised its target price from 3,200p to 3,500p.Deutsche Bank upped its target price on Anglo American from 1,510p to 1,550p, helping the stock rise into the top five by last in today's session. FTSE 100 - RisersMarks & Spencer Group (MKS) 457.80p +1.87%Intertek Group (ITRK) 3,040.00p +1.81%Pearson (PSON) 1,134.00p +1.43%Anglo American (AAL) 1,608.50p +1.23%Rexam (REX) 503.00p +1.23%Sainsbury (J) (SBRY) 335.20p +1.21%Reed Elsevier (REL) 880.50p +1.03%Diageo (DGE) 1,849.00p +1.01%TUI Travel (TT.) 441.20p +0.75%Fresnillo (FRES) 815.50p +0.68%FTSE 100 - FallersPetrofac Ltd. (PFC) 1,171.00p -15.63%International Consolidated Airlines Group SA (CDI) (IAG) 385.80p -4.65%Prudential (PRU) 1,365.50p -2.01%Friends Life Group Limited (FLG) 296.80p -2.01%St James's Place (STJ) 786.00p -1.93%AstraZeneca (AZN) 4,623.00p -1.91%Antofagasta (ANTO) 765.00p -1.86%Shire Plc (SHP) 3,340.00p -1.76%easyJet (EZJ) 1,685.00p -1.75%Sports Direct International (SPD) 770.50p -1.66%NR