FTSE100 movers: Miners up on China data, rating upgrades; Tesco falls
Sharecast
Published Dec 01, 2023 14:31
Updated Dec 01, 2023 14:42
FTSE100 movers: Miners up on China data, rating upgrades; Tesco falls
Sharecast - Miners were on the rise after encouraging Chinese manufacturing data. The Caixin/S&P Global manufacturing purchasing managers' index rose to 50.7 in November from 49.5 in October.
This was above the 50.0 level that separates contraction from expansion and marked the fastest expansion in three months. However, it contrasted with the official manufacturing PMI released on Thursday, which nudged down to 49.4 from 49.5.
More specifically, Anglo American (JO:AGLJ) and Antofagasta (LON:ANTO) were boosted by upgrades to ‘buy’ from ‘neutral’ at UBS (NYSE:UBS). On Anglo, it said the risk/reward was attractive after underperformance.
On Antofagasta, UBS said the bottom-up investment case was at an inflection.
Tesco (LON:TSCO) was in the red after JPMorgan (NYSE:JPM) Cazenove downgraded the shares to ‘underweight’ from ‘neutral’ and cut the price target to 230p from 240p as it took a look at the European food retail sector, highlighting its cautious stance.
"We see Tesco’s outperformance previously linked to executed self-help and macro tailwinds, therefore unlikely to be structural/sustainable over time without incremental investment," it said.
The bank noted that Tesco shares are up 25% year-to-date, versus its price target indicating 15% downside.
"Long positioning is crowded, whilst Tesco is now past peak positive newsflow/LFLs/margin/free cash flow/capital return cycle," it said.
FTSE 100 - Risers
Anglo American (AAL) 2,262.00p 5.60%
Antofagasta (ANTO) 1,467.50p 4.19%
Rio Tinto (LON:RIO) 5,551.00p 2.82%
Glencore (LON:GLEN) 453.25p 2.59%
InterContinental Hotels Group (IHG (LON:IHG)) 6,238.00p 1.99%
Whitbread (LON:WTB) 3,152.00p 1.97%
Melrose Industries (LON:MRON) (MRO) 528.80p 1.97%
Endeavour Mining (EDV (LON:EDV)) 1,871.00p 1.74%
DCC (CDI) (LON:DCC) 5,432.00p 1.68%
B&M European Value Retail S.A. (DI) (BME) 583.20p 1.67%
FTSE 100 - Fallers
Ocado Group (LON:OCDO) 589.00p -1.83%
Pearson (LON:PSON) 924.20p -1.39%
Get The App
Tesco (TSCO) 281.90p -1.36%
Entain (LON:ENT) 792.00p -1.35%
Hargreaves Lansdown (LON:HRGV) (HL.) 709.20p -1.28%
Croda International (CRDA) 4,440.00p -0.98%
Legal & General Group (LGEN) 227.30p -0.87%
Scottish Mortgage Inv Trust (SMT) 718.60p -0.83%
British American Tobacco (LON:BATS) 2,495.50p -0.66%
Sainsbury (J) (SBRY) 284.50p -0.49%
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.