FTSE 100 movers: RBS makes strong gains on Numis note

20th May 2013 14:56

Royal Bank of Scotland was in the lead after Numis raised its target price from 308p to 410p, while upgrading the stock to buy. Budget airline easyJet was also flying high after both Deutsche Bank and Citigroup lifted their target prices for the stock following last week's first-half results. Citigroup upped its target price from 1,210p to 1,330p maintaining a buy recommendation, while Deutsche Bank raised its target price from 1,040p to 1,370p, also keeping a buy recommendation. Reckitt Benkiser was also up after it completed its agreement with Bristol-Myers Squibb Company (BMS), having received the necessary approvals. Heading the other way were mining stocks as they tracked metals prices lower. Polymetal, Fresnillo, ENRC and Randgold were among the worst performers in morning trade. ENRC, the Kazakhstan-focused miner which on Friday rebuffed a takeover proposal by its founding shareholders, was extending losses after confirming that the proposal envisaged an offer of 260p per share, which "materially undervalues" the firm. Meanwhile, fellow miner Randgold was also lower after entering into a $200m unsecured revolving credit facility with its banks. The money will be used for general corporate purposes, the group said. High Street retailer Next was in the red after Nomura downgraded the stock from 'buy' to 'neutral' after its recent gains. Sector peer M&S was being weighed down by reports that it's avoiding UK taxes by invoicing transactions to Europe through its Irish unit. FTSE 100 - RisersRoyal Bank of Scotland Group (RBS) 351.00p +4.22%easyJet (EZJ) 1,235.00p +3.96%Petrofac Ltd. (PFC) 1,363.00p +2.87%United Utilities Group (UU.) 780.00p +1.96%British Sky Broadcasting Group (BSY) 808.00p +1.83%Rexam (REX) 532.50p +1.82%Associated British Foods (ABF) 1,918.00p +1.70%London Stock Exchange Group (LSE) 1,420.00p +1.50%National Grid (NG.) 840.50p +1.45%SSE (SSE) 1,625.00p +1.44%FTSE 100 - FallersPolymetal International (POLY) 607.50p -4.10%Fresnillo (FRES) 1,033.00p -3.37%Old Mutual (OML) 215.50p -2.75%Eurasian Natural Resources Corp. (ENRC) 265.70p -2.17%Marks & Spencer Group (MKS) 441.50p -2.11%Prudential (PRU) 1,170.00p -1.93%Intertek Group (ITRK) 3,321.00p -1.89%Evraz (EVR) 151.80p -1.56%Anglo American (AAL) 1,546.00p -1.53%Antofagasta (ANTO) 921.00p -1.50%NR