FTSE 100 movers: Ashtead tumbles; British Land boosted by upgrade
London's FTSE 100 was down 0.8% at 8,285.40 in afternoon trade on Tuesday.
Ashtead was under the cosh as it warned on profits and announced plans to move its primary listing to the US.
The equipment rental firm warned on profits due to weaker local construction market dynamics in the US.
Rental revenues are now expected to grow by just 3-5% over the full year, compared with earlier guidance of a 5-8% improvement, owing solely to a downgrade in US rental growth to 2-4% from 4-7% previously.
Miners Antofagasta and Glencore fell as copper prices dropped and following the release of disappointing Chinese trade data.
On the upside, Tesco rallied after data from Kantar showed it achieved its highest market share in the four weeks to 1 December since December 2017 at 28.1%, up from 27.4% in 2023.
Sainsbury's also rose after increasing its market share.
British Land was boosted by an upgrade to 'buy' from 'neutral' at Goldman Sachs, which cited a stronger growth outlook, as it took a look at European real estate stocks.
The bank said it expects a combination of improving rental growth prospects, acquisitions, and pipeline opportunities to drive higher earnings per share/net tangible assets growth.
"We now forecast 7% EPS/6% NTA five-year compound annual growth rate," it said.
"Our economists' forecasts for lower rates further support our British Land upgrade to buy with our new 500p PT (up 22%) implying 36% upside potential."
FTSE 100 - Risers
B&M European Value Retail S.A. (DI) (BME) 368.00p 1.35%
Spirax Group (SPX) 7,525.00p 1.21%
Sainsbury (J) (SBRY) 272.80p 1.19%
Tesco (TSCO) 367.90p 0.85%
GSK (GSK) 1,394.50p 0.83%
British Land Company (BLND) 369.20p 0.76%
Diageo (DGE) 2,448.50p 0.64%
Melrose Industries (MRO) 567.40p 0.50%
Relx plc (REL) 3,695.00p 0.49%
Croda International (CRDA) 3,479.00p 0.43%
FTSE 100 - Fallers
Ashtead Group (AHT) 5,398.00p -13.93%
Antofagasta (ANTO) 1,768.00p -2.62%
Rolls-Royce Holdings (RR.) 569.40p -2.23%
Vistry Group (VTY) 695.00p -2.11%
Glencore (GLEN) 386.55p -2.10%
JD Sports Fashion (JD.) 102.65p -1.72%
Aviva (AV.) 475.10p -1.70%
Smurfit Westrock (DI) (SWR) 4,180.00p -1.67%
Beazley (BEZ) 803.00p -1.65%
Legal & General Group (LGEN) 232.10p -1.65%
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.