FTSE 100 movers: Sage Group rallies on results; HSBC hit by downgrade

(Sharecast News) - London's FTSE 100 was down 0.3% at 7,456.99 in afternoon trade on Wednesday. Sage Group rallied as it reported an 18% jump in full-year underlying operating profit, lifted its dividend and announced a share buyback programme of up to £350m.

JD Sports was on the rise again, having surged on Tuesday after US peer Dick's Sporting Goods lifted its outlook.

It was also boosted by a note from Bank of America Merrill Lynch, which highlighted JD Sports' "superior market position" and the fact it's not reflected in the share price.

B&Q and Castorama owner Kingfisher slumped as it cut its profit guidance for the second time owing to continued market weakness in France.

The company, which also owns Screwfix in the UK and a host of other DIY brands across Europe, said adjusted pre-tax profit for the year ending January 2024 will now come in at around £560m, compared with £758m the year before. In September, the company had slashed its guidance from £634m to £590m.

HSBC was weaker after RBC Capital Markets downgraded the shares to 'sector perform' from 'outperform'.

"HSBC has outperformed UK bank peers by 31% YTD, however, we think that now is a good time to take profits," it said. "Earnings momentum looks to have turned and an improved capital distribution profile is now reflected in consensus."



FTSE 100 - Risers

Sage Group (SGE) 1,127.50p 13.07% BT Group (BT.A) 123.45p 4.57% JD Sports Fashion (JD.) 150.15p 3.84% Entain (ENT) 859.20p 3.32% International Consolidated Airlines Group SA (CDI) (IAG) 159.20p 2.41% London Stock Exchange Group (LSEG) 8,856.00p 2.00% Compass Group (CPG) 2,082.00p 1.66% Unite Group (UTG) 976.00p 1.56% Halma (HLMA) 2,109.00p 1.49% Flutter Entertainment (CDI) (FLTR) 12,965.00p 1.49%

FTSE 100 - Fallers

Kingfisher (KGF) 215.80p -6.42% BP (BP.) 464.70p -2.49% Shell (SHEL) 2,550.00p -2.41% Rentokil Initial (RTO) 452.80p -2.03% Glencore (GLEN) 450.85p -1.35% HSBC Holdings (HSBA) 605.50p -1.27% NATWEST GROUP (NWG) 204.60p -1.16% Barclays (BARC) 140.44p -0.90% Taylor Wimpey (TW.) 126.70p -0.86% Hargreaves Lansdown (HL.) 707.00p -0.67%