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FTSE 100 movers: Sainsbury's shoots higher; Flutter falls before results
(Sharecast News) - London's FTSE 100 was flat at 8,214.33 in afternoon trade on Tuesday. Sainsbury's was the standout gainer as data from Kantar showed that in the 12 weeks to 4 August, the supermarket chain recorded its biggest market share gain since 1997.
Housebuilder Persimmon was also a high riser after Bellway said it was abandoning its pursuit of Crest Nicholson.
Admiral was in the black after Citi said had issued a "positive short-term view" on the stock ahead of its first-half results on 15 August.
The bank said it currently sits around 8% ahead of consensus on motor pre-tax profit and around 9% on group pre-tax profit as it believes consensus looks conservative.
"We update the UK motor market ahead of 1H results where we see an improving motor claims picture being led by lower damage inflation and lighter claims frequency as we see current claims inflation guidance from companies as conservative as repair volumes are circa 8% below pre-Covid levels," it said.
On the downside, Flutter Entertainment slumped ahead of second-quarter results later in the day.
UBS said that following US peer DraftKings' downgrade of its EBITDA guidance and "well telegraphed taxation headwinds in the US there is material uncertainty over whether Flutter will be able to reiterate their FY24 US aEBITDA guidance".
FTSE 100 - Risers
Sainsbury (J) (SBRY) 276.60p 2.60% Persimmon (PSN) 1,602.00p 1.55% Standard Chartered (STAN) 733.00p 1.52% United Utilities Group (UU.) 1,003.00p 1.44% JD Sports Fashion (JD.) 122.00p 1.37% Severn Trent (SVT) 2,548.00p 1.35% Tesco (TSCO) 337.60p 1.23% National Grid (NG.) 990.20p 1.21% Fresnillo (FRES) 546.50p 1.20% Admiral Group (ADM) 2,729.00p 1.15%
FTSE 100 - Fallers
Flutter Entertainment (DI) (FLTR) 14,375.00p -2.11% Antofagasta (ANTO) 1,847.50p -1.70% Smith & Nephew (SN.) 1,140.50p -1.34% Burberry Group (BRBY) 664.20p -1.01% Marks & Spencer Group (MKS) 320.00p -0.99% Glencore (GLEN) 406.60p -0.89% Anglo American (AAL) 2,215.50p -0.76% Hikma Pharmaceuticals (HIK) 1,989.00p -0.65% Spirax Group (SPX) 7,665.00p -0.65% Vodafone Group (VOD) 74.00p -0.59%
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