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FTSE 100 movers: BAE Systems boosted by JPM note; paper cos in the red
(Sharecast News) - London's FTSE 100 was up 0.1% at 7,007.40 in afternoon trade on Friday. Utilities were on the front foot, with Centrica, United Utilities and Severn Trent among the top performers.
BAE Systems was a high riser after JPMorgan lifted its price target to 1,000p from 965p.
The bank said it has lifted its 2023-2025 earnings per share estimates by 4% to 5% per year for a stronger US dollar and lower UK corporation tax.
"We also see potential for further upside if there is an improvement in market conditions in Saudi Arabia and from higher UK defence spending," JPM said.
"In the next two months we have two corporate access events with BAE...and the company is hosting a CMD. In the current fragile economic environment, we think the shares are very appealing; BAE offers defensive growth, a solid balance sheet, a 2022E dividend yield of circa 5%."
Paper and packaging groups Smurfit Kappa and DS Smith were the two biggest losers on the index.
FTSE 100 - Risers
Centrica (CNA) 70.46p 2.95% BAE Systems (BA.) 839.00p 2.49% Imperial Brands (IMB) 1,980.50p 1.88% Tesco (TSCO) 202.70p 1.55% United Utilities Group (UU.) 877.60p 1.53% BP (BP.) 466.80p 1.40% Severn Trent (SVT) 2,365.00p 1.33% International Consolidated Airlines Group SA (CDI) (IAG) 100.82p 1.16% AstraZeneca (AZN) 9,949.00p 1.13% British American Tobacco (BATS) 3,301.50p 1.09%
FTSE 100 - Fallers
Smurfit Kappa Group (CDI) (SKG) 2,447.00p -3.78% Smith (DS) (SMDS) 240.20p -3.69% Ocado Group (OCDO) 442.90p -3.42% Fresnillo (FRES) 784.60p -3.14% Next (NXT) 4,499.00p -2.85% Taylor Wimpey (TW.) 90.56p -2.64% RS Group (RS1) 989.50p -2.61% Persimmon (PSN) 1,230.50p -2.50% Frasers Group (FRAS) 648.50p -2.48% Ashtead Group (AHT) 4,292.00p -2.45%
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