HSBC gives Flutter a boost on Gold Cup day

The bookies may have outmaneuvered him at Cheltenham yesterday even after Gallopin de Champs took home the Gold Cup on St Patrick’s Day.

and the investors in Flutter’s owner Paddy Power Further support was given as analysts at HSBC raised the price target for its shares to 16,900p from 14,300p.

The investment bank said the gambling giant’s plans for an additional US listing should raise its valuation, while clarity on British regulations in an upcoming white paper “could be a positive catalyst”.

It also praised “strong” trading in the UK and “excellent” momentum in the US.

The upgrade came as players – many with a little Guinness in them – watched jockey Paul Taunen bring home the top 7-5 players ahead of Bravemansgame and Conflated.

Odds on: Investors in owner Paddy Power Flutter got a boost from analysts at HSBC

However, Flutter shares fell 1.5 percent, or 205 points, to 13,625 points, Entain, which owns Ladbrokes and Coral, fell 0.5 percent, or 6 points, to 1,207.5 pence, and owner William Hill 888 fell 8.1 percent. cent, or 5.15 points, to 58.85 p.

The Gold Cup would have provided some much needed relief to many at City at the end of a tumultuous week. The FTSE 100 fell 1 percent, or 74.63 points, to 7,335.4, in another gloomy session for the London First Index. The FTSE 250 index fell 1.5 percent, or 287.75 points, to 18,470.83.

Higher metal prices boosted mining stocks, with Glencore rising 2.2 percent, or 9.45 pence, to 432.65 pence, Anglo American rising 1 percent, or 25 pence, to 2,504 pence, and Fresnillo 1.8 percent, or 12.2 pence, to 710 pence. . Rio Tinto, however, lost 0.6 percent, or 31p, to 5,250p.

Investors made another rush for safe-haven assets, helping lift gold producer Endeavor Mining 2.4 percent, or 42 pence, to 1,760 pence. Oil prices fell to around $73 a barrel as concerns about the health of the global economy weighed on demand.

Heat treatment specialist Bodycote was among those companies that enjoyed a positive trading session. Revenue rose 20.8 per cent to £743.6m for 2022. Profits jumped 23 per cent to £95.3m. Shares rose 5.9 percent, or 34 pence, to 615.5 pence.

Talks about a potential takeover of John Wood Group will continue after the engineering group asked to give its potential buyer another month to submit an offer.

US private equity giant Apollo has submitted four bids, including its latest bid of 237p a share.

The deadline to submit an offer by March 22nd has been extended to 5pm on April 19th. Analysts at Jefferies said an “upward scenario” would be a 290p bid for the stock.

Shares rose 1.5 percent, or 3 points, to 205.9 pence. BT’s boss was slapped on the wrist by the telecoms watchdog after he said his company’s network expansion would “end in tears” for some of its rivals.

Ofcom has delayed concluding its investigation into Openreach’s new pricing scheme as its chief executive Melanie Dawes wrote in a letter to Philip Jansen that his comments had caused “significant concern”. Shares fell 6.1 percent, or 8.9 pence, to 137.75 pence.

Meanwhile, London Stock Exchange Group (LSEG) rose 2 percent, or 144 points, to 7,470 points after UBS raised its rating to “buy” from “neutral” and raised its price target to 8,700 points from 8,500 points. The broker placed this on the improved outlook of LSEG’s Trading and Banking (T&B) division.

GSK gained 1 percent, or 13.8 pence, to 1,400.8 pence after Deutsche Bank raised the company’s stock to “buy” from “hold” and raised its price target to 1,700 pence from 1,500 pence.

But Bridgepoint private equity group sank 10.1 percent, or 21.7 points, to 193.7 points after Peel Hunt downgraded the company to “hold” from “buy” and lowered its price target to 220 points from 340.

Technical products supplier Diplomat raised £235m Along with the £76m buyout of Tennessee Industrial Electronics, shares rose 3.2 per cent, or 84p, to 2,720p.