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FTSE 100 movers: Sage surges on results; Intertek in the red
(Sharecast News) - London's FTSE 100 was down 0.3% at 7,349.22 in afternoon trade on Wednesday. Inspection, product testing and certification company Intertek fell sharply after a disappointing update from Swiss peer SGS.
Software firm Sage surged to the top of the index after full-year revenues beat expectations.
Victoria Scholar, head of investment at Interactive Investor, said: "Looking ahead, the software company said it expects organic revenue growth to be ahead of last year with operating margins expected to trend upwards. JP Morgan raised its price target on the stock following its results this morning.
"Shares in Sage Group have performed well lately, rallying by more than 15% over the past six months. The software company is focusing on scaling the business, helping to underpin margin growth and profitability. Its cloud business fared particularly well with growth of 24% despite pressures from the macroeconomic uncertainties flagged by CEO Steve Hare."
Defence company BAE Systems was also higher, likely on the back of the missile strike in Poland.
Experian was in the black after the credit-checking firm reported a jump in first-half revenues, supported by the launch of new products.
FTSE 100 - Risers
Sage Group (SGE) 807.80p 6.59% BAE Systems (BA.) 766.20p 3.30% Haleon (HLN) 287.30p 3.06% Experian (EXPN) 2,921.00p 2.24% GSK (GSK) 1,380.20p 1.99% Reckitt Benckiser Group (RKT) 5,786.00p 1.94% Convatec Group (CTEC) 226.00p 1.44% BP (BP.) 481.95p 1.34% Imperial Brands (IMB) 2,055.00p 1.28% Pearson (PSON) 975.60p 1.20%
FTSE 100 - Fallers
Ocado Group (OCDO) 726.20p -5.79% JD Sports Fashion (JD.) 115.05p -4.30% International Consolidated Airlines Group SA (CDI) (IAG) 133.66p -4.20% Hargreaves Lansdown (HL.) 871.80p -4.18% Rightmove (RMV) 544.20p -3.96% Persimmon (PSN) 1,277.50p -3.93% Schroders (SDR) 450.10p -3.77% Intertek Group (ITRK) 3,970.00p -3.76% Kingfisher (KGF) 237.30p -3.70% Rolls-Royce Holdings (RR.) 88.01p -3.63%
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