FTSE 100 movers: Convatec boosted by Coloplast results; L&G falls

(Sharecast News) - London's FTSE 100 was down 0.3% at 7,569.47 in afternoon trade on Friday. Packaging group DS Smith was a high riser for the second day in a row, after confirming on Thursday that it had received "a highly preliminary expression of interest" from rival Mondi.

Medical device maker Convatec was also in the black after well-received interim results from Danish peer Coloplast, which surged after saying it delivered high single-digit growth across all areas of the business in the first quarter.

Entain gained after its US joint venture with MGM Resorts, BetMGM, struck a partnership with social media platform X to become its exclusive live odds sports betting partner.

Legal & General lost ground as Citi cut its 2023 earnings per share estimates and opened a 30-day 'negative catalyst watch' on the shares ahead of full-year results on 6 March.

The bank cut its 2023 EPS estimates by around 27%, primarily driven by negative investment variances but said its operating profit estimate also declined, by around 3%.

"There is some follow to the outer years as our EPS estimates decline by circa 10%," it said.

Citi said it expects material EPS downgrades into results "and although this is primarily investment variance driven, this highlights the opacity of Legal & General Capital (LGC) and comes against a backdrop of L&G being the best performing UK life insurer over the past three months and what we see as limited upside capital return surprise potential".

FTSE 100 - Risers

Smith (DS) (SMDS) 316.10p 2.43% Convatec Group (CTEC) 239.40p 2.05% Hikma Pharmaceuticals (HIK) 1,963.50p 1.74% Entain (ENT) 1,003.00p 1.66% Sage Group (SGE) 1,190.50p 1.54% Experian (EXPN) 3,381.00p 1.29% Relx plc (REL) 3,343.00p 1.27% JD Sports Fashion (JD.) 105.80p 1.24% Compass Group (CPG) 2,238.00p 1.22% Pershing Square Holdings Ltd NPV (PSH) 3,914.00p 1.19%

FTSE 100 - Fallers

Glencore (GLEN) 386.15p -2.68% Burberry Group (BRBY) 1,268.50p -2.12% Fresnillo (FRES) 483.30p -2.01% Legal & General Group (LGEN) 236.50p -1.99% Land Securities Group (LAND) 638.40p -1.81% British American Tobacco (BATS) 2,440.50p -1.75% Anglo American (AAL) 1,713.40p -1.51% Auto Trader Group (AUTO) 711.00p -1.30% Prudential (PRU) 808.00p -1.25% National Grid (NG.) 1,002.00p -1.09%