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London’s FTSE 100 was up 0.9% at 7,027.96 in afternoon trade on Friday as inflation worries eased.
Investment manager M&G was a high riser again following a report earlier in the week that Schroders spent months earlier this year planning a potential buyout of the company.
Business software group Sage rallied as it said it expects annual organic revenue growth to be near the top of its guidance after investment in its cloud operation prompted a decline in first-half profit.
Spirax-Sarco Engineering got a boost after Goldman Sachs upgraded its stance on the shares to ‘neutral’ from ‘sell’ following the company’s first-quarter trading update a day earlier.
The bank noted that since adding the stock to its sell list on 3 July 2019, the share price is up 25% versus the European Capital Goods average up 40% and the FTSE World Europe up 5%. It said Spirax’s outperformance versus the FTSE World Europe is due to many factors including the outperformance of Capital Goods companies, ESG exposure and a resilient performance during the coronavirus pandemic.
Although it continues to believe that Steam Specialities’ ability to outgrow local IP is diminishing and expects it to only marginally outperform over its forecast period, Goldman said it has materially increased its estimates for Watson Marlow, which has outperformed its expectations over the last several years.
On the downside, miners Rio Tinto, Antofagasta, BHP, Anglo American and Glencore all lost ground as copper and iron prices fell back.
FTSE 100 – Risers
M&G (MNG) 238.00p 8.18%
SSE (SSE) 1,537.00p 6.18%
Scottish Mortgage Inv Trust (SMT) 1,120.00p 3.94%
Ashtead Group (AHT) 4,974.00p 3.60%
3i Group (III) 1,236.50p 3.21%
Sage Group (SGE) 643.00p 2.81%
Ocado Group (OCDO) 1,993.50p 2.76%
St James’s Place (STJ) 1,377.50p 2.53%
Spirax-Sarco Engineering (SPX) 12,075.00p 2.50%
London Stock Exchange Group (LSEG) 7,138.00p 2.38%
FTSE 100 – Fallers
Rio Tinto (RIO) 6,146.00p -6.52%
Antofagasta (ANTO) 1,769.00p -4.92%
BHP Group (BHP) 2,230.50p -4.86%
Anglo American (AAL) 3,241.00p -4.70%
BT Group (BT.A) 162.15p -4.08%
Glencore (GLEN) 322.60p -3.15%
Hargreaves Lansdown (HL.) 1,727.50p -2.51%
Just Eat Takeaway.Com N.V. (CDI) (JET) 6,121.00p -2.02%
Evraz (EVR) 669.20p -1.82%
Fresnillo (FRES) 885.20p -1.29
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