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FTSE 100 movers: Persimmon pushes higher; Prudential takes a tumble

15:37, 20th March 2024

London's FTSE 100 was up 0.1% at 7,746.82 in afternoon trade on Wednesday.
Housebuilder Persimmon rose as Berenberg said it now benefits "from financial strength, a lengthy landbank and significantly improved product quality, and is thus well placed to benefit as the housing cycle recovers over the coming years".

"Nevertheless, following the FY 2023 results on 12 March, we keep our hold rating as we see the valuation as fair at current levels."

Shares in Prudential tanked despite the insurance giant saying it is "increasingly confident" in meeting its long-term targets following a strong 2023, during which new business profits jumped by almost a half.

After brief stint in positive territory when markets opened, the stock was down nearly 7% by lunchtime, falling to 728.6p - a level it has not seen since 2012.

Results were largely in line or better than expected, though analysts put the negative market reaction down to ongoing concerns surrounding the company's end-markets - namely its exposure to China's struggling real-estate sector.

Luxury brand Burberry was also under the cosh after Kering warned that sales at Gucci were set to slide 20% in the first quarter due to a slowdown in Asia.

FTSE 100 - Risers

Ashtead Group (AHT) 5,532.00p 4.14%
St James's Place (STJ) 434.10p 3.78%
Halma (HLMA) 2,288.00p 3.62%
Melrose Industries (MRO) 642.40p 3.48%
Persimmon (PSN) 1,298.00p 2.77%
Airtel Africa (AAF) 93.05p 2.59%
NATWEST GROUP (NWG) 246.00p 2.50%
Croda International (CRDA) 4,835.00p 2.35%
JD Sports Fashion (JD.) 112.80p 2.04%
Kingfisher (KGF) 228.50p 1.92%

FTSE 100 - Fallers

Prudential (PRU) 731.00p -6.35%
Burberry Group (BRBY) 1,181.00p -3.98%
Smith & Nephew (SN.) 1,041.00p -1.61%
Weir Group (WEIR) 1,970.50p -1.30%
GSK (GSK) 1,645.40p -1.14%
BP (BP.) 492.90p -1.08%
Marks & Spencer Group (MKS) 240.70p -1.03%
British American Tobacco (BATS) 2,389.50p -0.93%
Convatec Group (CTEC) 283.20p -0.91%
Unilever (ULVR) 3,893.50p -0.90%

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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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