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FTSE 100 movers: Kingfisher gains after results; Ocado in the red

15:26, 25th March 2024

London's FTSE 100 was down 0.1% at 7,925.35 in afternoon trade on Monday.
B&Q and Castorama owner Kingfisher was the top gainer, having slumped earlier after saying it expected lower annual profits in the current year as the home improvement market continued to lag behind demand for housing.

The company, which also owns the Brico depot chain in France, said it expects adjusted pre-tax profit of £490m to £550m compared with the £568m it reported for last year, down 25% on 2022/23.

Experian was also in the black after JPMorgan Cazenove said it was its top pick in the European business services sector, along with Bureau Veritas, both of which it rates at 'overweight'.

"Experian remains our most-preferred long-term pick in European business services, and a top pick for the rest of 2024," it said.

"We have confidence the company will grow at least high single digit percentage organically in the medium term supported by its high-quality portfolio of new products at different stages of development.

"For FY Mar-25, we forecast 8%. Experian has a strong balance sheet and opportunities for value-add acquisitions, on top of continued organic investments."

Ocado fell following a report over the weekend suggesting the company is under pressure over executive pay after an influential proxy adviser urged shareholders to vote against a new bonus scheme that could see its boss Tim Steiner paid as much as £14.8m.

According to The Times, Institutional Shareholder Services has recommended that investors vote against the online grocer's new remuneration policy and performance share plan at its annual meeting on April 29, citing "material concerns" over the sum of money executives could receive.

According to The Times, ISS said the potential amount on offer was "materially above market norms" and "not in line with UK market standards and investor expectations".

FTSE 100 - Risers

Kingfisher (KGF) 240.40p 2.91%
Burberry Group (BRBY) 1,209.00p 2.15%
Airtel Africa (AAF) 102.00p 2.10%
St James's Place (STJ) 467.90p 2.03%
Intermediate Capital Group (ICP) 2,097.00p 1.70%
Anglo American (AAL) 1,957.60p 1.46%
BP (BP.) 505.00p 1.23%
3i Group (III) 2,795.00p 1.23%
Fresnillo (FRES) 459.70p 1.03%
Experian (EXPN) 3,519.00p 0.95%

FTSE 100 - Fallers

Spirax-Sarco Engineering (SPX) 10,150.00p -4.20%
Rightmove (RMV) 553.80p -3.05%
Croda International (CRDA) 4,944.00p -2.91%
Reckitt Benckiser Group (RKT) 4,295.00p -2.52%
Auto Trader Group (AUTO) 743.60p -2.47%
Ocado Group (OCDO) 457.40p -2.33%
Persimmon (PSN) 1,309.50p -1.98%
easyJet (EZJ) 537.60p -1.57%
Antofagasta (ANTO) 1,980.50p -1.32%
Diploma (DPLM) 3,408.00p -1.27%

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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.

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