FTSE 100 movers: Kingfisher surges on guidance upgrade; BP, Ithaca gush lower

(Sharecast News) - London's FTSE 100 was up 0.3% at 10,767.49 in afternoon trade on Tuesday. Kingfisher surged to the top of the index as the DIY retailer lifted annual guidance after a jump in half-year profits driven by a strong performance at its Screwfix unit which reported a 5.6% jump in like-for-like sales.

The owner of B&Q, Brico Depot and Castorama said it now expects adjusted pre-tax profit of £595m to £635m, up from previous guidance of £565m to £625m, and free cash flow of £480m to £520m, versus £450m to £510m previously.

Smiths Group was also sharply higher as the engineer posted above-forecast earnings and guided for stronger growth going forward, despite the ongoing impact of war in the Middle East.

JD sports advanced ahead of its half-year results on Wednesday.

BP and Ithaca Energy both fell in tandem with oil prices. Ithaca was also in focus as Shore Capital initiated coverage on the shares with a 'buy' rating and 340p price target, saying it has established itself among the largest remaining UK oil and gas producers after a decade of acquisition activity.

The broker said Ithaca has reached a scale where its portfolio can generate sufficient cash flow to fund stable - if not growing - production, while paying a circa 8% dividend yield.

"Having endured a challenging UK fiscal and regulatory environment over the last five years, we believe Ithaca is strongly positioned to benefit from a more pragmatic UK energy policy," it said.

FTSE 100 - Risers

Kingfisher (KGF) 336.30p 10.04% Smiths Group (SMIN) 2,762.00p 6.64% JD Sports Fashion (JD.) 77.68p 5.11% Coca-Cola HBC AG (CDI) (CCH) 4,448.00p 4.27% International Consolidated Airlines Group SA (CDI) (IAG) 447.00p 3.42% Informa (INF) 917.00p 2.71% Antofagasta (ANTO) 3,875.00p 2.70% Anglo American (AAL) 4,165.00p 2.68% St James's Place (STJ) 1,146.00p 2.28% Marks & Spencer Group (MKS) 375.30p 1.96%

FTSE 100 - Fallers

BT Group (BT.A) 193.25p -2.94% Airtel Africa (AAF) 312.20p -2.19% Admiral Group (ADM) 3,772.00p -1.67% BP (BP.) 533.60p -1.66% Glencore (GLEN) 535.20p -1.64% Vodafone Group (VOD) 126.20p -1.33% Ithaca Energy (ITH) 280.10p -1.30% British Land Company (BLND) 401.00p -1.23% Hiscox Limited (DI) (HSX) 1,922.00p -1.08% Standard Chartered (STAN) 2,294.00p -1.08%