FTSE 100 movers: Antofagasta falls; Smith & Nephew gains on results
Sharecast
Published Feb 21, 2023 14:24
Updated Feb 21, 2023 14:43
FTSE 100 movers: Antofagasta falls; Smith & Nephew gains on results
Sharecast - Antofagasta (LON:ANTO) fell as the Chilean miner reported a drop in full-year profits and revenue as operating costs rose.
In the year to the end of December 2022, earnings before interest, tax, depreciation and amortisation fell 39% to $2.9bn, with operating costs up 10% mainly due to inflation and higher input prices.
Going the other way, Smith & Nephew was the top performer on the index despite posting a slump in full-year operating profits.
Derren Nathan, head of equity research at Hargreaves Lansdown (LON:HRGV), said: "Smith & Nephew’s struggles to return to profit growth continue, with already downgraded margin guidance for 2022 effectively being pushed out another year as inflation continues to bite.
"However, an uptick in top line growth at the end of 2022 across all divisions is encouraging. Despite ongoing downward pressure on pricing from the previously highlighted procurement policy in China, work to fix the Orthopaedics division, Smith & Nephew’s largest, is starting to bear fruit.
"Smith and Nephew continues to innovate and this is its biggest weapon for targeting higher market share. In Orthopaedics we see its cementless knee systems and work in robotic surgery as core differentiators."
HSBC was also a high riser after it unveiled a special dividend and said quarterly profits almost doubled, driven by the rise in global interest rates, but struck a cautious note on the outlook.
FTSE 100 - Risers
Smith & Nephew (SN.) 1,218.00p 4.74%
HSBC Holdings (LON:HSBA) 643.10p 3.77%
BAE Systems (LON:BAES) (BA.) 906.80p 1.96%
Burberry Group (LON:BRBY) 2,593.00p 1.85%
Haleon (HLN) 337.80p 1.18%
Beazley (BEZ) 692.00p 1.17%
Frasers Group (FRAS) 800.00p 1.01%
Smith (DS) (SMDS) 338.80p 0.95%
Compass Group (LON:CPG) 1,923.00p 0.76%
National Grid (LON:NG.) 1,077.50p 0.75%
FTSE 100 - Fallers
Anglo American (LON:AAL) 3,180.50p -4.79%
Prudential (LON:PRU) 1,256.50p -3.05%
Get The App
Hargreaves Lansdown (HL.) 845.60p -2.92%
Glencore (LON:GLEN) 506.80p -2.39%
Persimmon (LON:PSN) 1,432.00p -2.35%
BT Group (LON:BT.A) 139.05p -2.28%
Ocado Group (LON:OCDO) 616.00p -2.19%
Antofagasta (ANTO) 1,720.00p -2.19%
Pershing Square (NYSE:SQ) Holdings Ltd NPV (PSH) 2,920.00p -2.17%
Schroders (LON:SDR) 496.30p -2.15%
Read more on Sharecast.com
Written By: Sharecast
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.