FTSE 100 movers: NatWest boosted by upgrade; S&N in the red

4th Nov 2024 14:31

(Sharecast News) - London's FTSE 100 was up 0.4% at 8,207.11 in afternoon trade on Monday.

NatWest was the top gainer on the index after an upgrade to 'outperform' from 'market perform' at KBW.

Frasers Group was also in the black as RBC Capital Markets upgraded the shares to 'outperform' from 'sector perform' with a 'speculative risk' qualifier.

It said Frasers' current valuation fails to discount the likely resilience of its Sports Retail business, its property value and its strategic stakes, for instance in Hugo Boss.

RBC said Frasers maintains a dominant position in the UK Sports Retail segment, which accounts for around 50% of group sales, with particular expertise in running, football and live/train.

It noted that over the last nine years, the company has successfully pivoted from discounting third party brands heavily to drive sales of its own higher margin brands "to more of a brand elevation strategy".

RBC said Frasers has improved its brand relationships which has given it access to better product, particularly for flagship stores.

Halma was in the black as Redburn initiated coverage of the stock at 'buy'.

Smith & Nephew was under the cosh as Jefferies slashed its price target on the shares to 1,250p from 1,400p but stuck to a 'buy' rating given the valuation is close to an all-time low.

Birmingham-based engineer IMI lost ground as it announced the appointment of Luke Grant as its new chief financial officer and executive director with effect from 25 July 2025.

FTSE 100 - Risers

NATWEST GROUP (NWG) 388.20p 3.44%

BT Group (BT.A) 143.60p 2.39%

Lloyds Banking Group (LLOY) 55.62p 2.21%

Frasers Group (FRAS) 782.00p 1.96%

Barclays (BARC) 245.05p 1.85%

Tesco (TSCO) 352.60p 1.32%

HSBC Holdings (HSBA) 718.70p 1.28%

Prudential (PRU) 651.80p 1.21%

Halma (HLMA) 2,510.00p 1.13%

London Stock Exchange Group (LSEG) 10,870.00p 1.12%

FTSE 100 - Fallers

Hiscox Limited (DI) (HSX) 1,074.00p -1.83%

Beazley (BEZ) 761.00p -1.62%

Smith & Nephew (SN.) 951.60p -1.57%

Melrose Industries (MRO) 480.10p -1.52%

Centrica (CNA) 116.70p -1.10%

Hikma Pharmaceuticals (HIK) 1,853.00p -1.07%

Weir Group (WEIR) 2,078.00p -1.05%

BAE Systems (BA.) 1,256.50p -0.99%

InterContinental Hotels Group (IHG) 8,510.00p -0.95%

IMI (IMI) 1,657.00p -0.90%