Stock Market News
FTSE 100 movers: IAG flies higher but Reckitt Benckiser takes a hit
London's FTSE 100 was down 0.6% to 7,645.13 in afternoon trade on Tuesday, kicking off the new year on a downbeat note after ending 2017 at a record high, with broker notes providing much of the action.
British Airways and Iberia owner IAG flew higher as it swooped to buy assets and invest in Niki, a former part of the collapsed Air Berlin group. IAG's Spanish budget arm, Vueling, will buy 20m of assets from the Austrian airline and provide up to 16.5m of liquidity to Niki, which will form part of a new, separately run Austrian subsidiary.
The airline was also boosted by an upgrade to 'buy' from Bank of America Merrill Lynch, which said the stock is attractively valued.
Budget airline EasyJet was also in the black after an upgrade to 'neutral' by BofA ML, although the bank said it still prefers Ryanair, which it rates at 'buy'.
BT Group was riding higher after an upgrade to 'buy' from 'neutral', also at BofA ML.
Meanwhile, Anglo American was on the front foot as Credit Suisse upped its price target on the neutral-rated stock to 1,580p from 1,550p.
On the downside, consumer goods giant Reckitt Benckiser fell following a report that its biggest shareholder, JAB Holdings, is planning to cut its stake in the company further.
Risers
Centrica (CNA) 140.30p 2.18%
International Consolidated Airlines Group SA (CDI) (IAG) 664.00p 2.00%
easyJet (EZJ) 1,485.50p 1.47%
Anglo American (AAL) 1,571.00p 1.39%
Kingfisher (KGF) 342.00p 1.27%
Mediclinic International (MDC) 657.60p 1.25%
ITV (ITV) 167.53p 1.23%
BT Group (BT.A) 274.65p 1.09%
Paddy Power Betfair (PPB) 8,900.00p 0.85%
Barratt Developments (BDEV) 651.80p 0.66%
Fallers
Standard Life Aberdeen (SLA) 425.76p -2.48%
Admiral Group (ADM) 1,954.00p -2.40%
Rentokil Initial (RTO) 312.40p -1.76%
Reckitt Benckiser Group (RB.) 6,800.00p -1.72%
GKN (GKN) 314.00p -1.69%
Ashtead Group (AHT) 1,958.50p -1.68%
Worldpay Group (WPG) 418.90p -1.67%
Micro Focus International (MCRO) 2,481.00p -1.66%
RSA Insurance Group (RSA) 622.40p -1.60%
Direct Line Insurance Group (DLG) 375.86p -1.53%
British Airways and Iberia owner IAG flew higher as it swooped to buy assets and invest in Niki, a former part of the collapsed Air Berlin group. IAG's Spanish budget arm, Vueling, will buy 20m of assets from the Austrian airline and provide up to 16.5m of liquidity to Niki, which will form part of a new, separately run Austrian subsidiary.
The airline was also boosted by an upgrade to 'buy' from Bank of America Merrill Lynch, which said the stock is attractively valued.
Budget airline EasyJet was also in the black after an upgrade to 'neutral' by BofA ML, although the bank said it still prefers Ryanair, which it rates at 'buy'.
BT Group was riding higher after an upgrade to 'buy' from 'neutral', also at BofA ML.
Meanwhile, Anglo American was on the front foot as Credit Suisse upped its price target on the neutral-rated stock to 1,580p from 1,550p.
On the downside, consumer goods giant Reckitt Benckiser fell following a report that its biggest shareholder, JAB Holdings, is planning to cut its stake in the company further.
Risers
Centrica (CNA) 140.30p 2.18%
International Consolidated Airlines Group SA (CDI) (IAG) 664.00p 2.00%
easyJet (EZJ) 1,485.50p 1.47%
Anglo American (AAL) 1,571.00p 1.39%
Kingfisher (KGF) 342.00p 1.27%
Mediclinic International (MDC) 657.60p 1.25%
ITV (ITV) 167.53p 1.23%
BT Group (BT.A) 274.65p 1.09%
Paddy Power Betfair (PPB) 8,900.00p 0.85%
Barratt Developments (BDEV) 651.80p 0.66%
Fallers
Standard Life Aberdeen (SLA) 425.76p -2.48%
Admiral Group (ADM) 1,954.00p -2.40%
Rentokil Initial (RTO) 312.40p -1.76%
Reckitt Benckiser Group (RB.) 6,800.00p -1.72%
GKN (GKN) 314.00p -1.69%
Ashtead Group (AHT) 1,958.50p -1.68%
Worldpay Group (WPG) 418.90p -1.67%
Micro Focus International (MCRO) 2,481.00p -1.66%
RSA Insurance Group (RSA) 622.40p -1.60%
Direct Line Insurance Group (DLG) 375.86p -1.53%
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