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FTSE 100 movers: NMC Health tops gainers, RBS drops

By Alexander Bueso

Date: Monday 17 Feb 2020

FTSE 100 movers: NMC Health tops gainers, RBS drops

(Sharecast News) - NMC Health edged higher following the resignation of Indian billionaire BR Shetty, who stepped down from his roles as a director and a co-chair of the Middle East healthcare firm NMC as the crisis from the unreported share transaction scandal at the company deepened.


Chief investment officer Hani Buttikhi and non-executive director Abdulrahman Basaddiq also quit given their connections to Shetty and other major shareholders who had appointed them to the board.

Analysts at Muddy Water however were unimpressed, saying: "We strongly suspect that today's resignations are due to more than misreported share ownership. We believe the share ownership and pledge debacle is a symptom of systemic rot and corruption at NMC.

"We note in particular that resigning director Basaddiq had been a partner at NMC's auditor, EY, for many years and we remind investors that we voiced concerns about the relationship between NMC and EY."

Going the other way, RBS stock was one of the worst performers after analysts at RBC reduced their target price for the lender's shares from 230.0p to 200.0p.

That came on the back of a 9% reduction in their 2021 profit estimates for RBS, as lower "other income" would only be partially offset by cost-cutting.

RBS was also the most exposed of the UK's lenders to a cut in Bank Rate and could be impacted by competition from HSBC in the mortgage market.

Also moving to the downside were shares of packaging business DS Smith as its chief financial officer Adrian Marsh was set to leave the company to become CFO of bookmaker William Hill.

Meggitt meanwhile was knocked lower by a downgrade to 'neutral' at Citi.

Market Movers

FTSE 100 (UKX) 7,433.25 0.33%
FTSE 250 (MCX) 21,826.34 0.17%
techMARK (TASX) 4,116.87 0.07%

FTSE 100 - Risers

NMC Health (NMC) 798.40p 3.23%
Kingfisher (KGF) 222.00p 2.45%
Auto Trader Group (AUTO) 602.80p 2.34%
Centrica (CNA) 72.64p 1.94%
Melrose Industries (MRO) 242.00p 1.89%
Ashtead Group (AHT) 2,730.00p 1.49%
Sainsbury (J) (SBRY) 208.40p 1.17%
Glencore (GLEN) 236.65p 1.15%
Prudential (PRU) 1,493.50p 1.15%
Johnson Matthey (JMAT) 2,675.00p 1.10%

FTSE 100 - Fallers

SEGRO (SGRO) 906.60p -3.04%
Smith (DS) (SMDS) 358.60p -2.00%
TUI AG Reg Shs (DI) (TUI) 880.00p -1.94%
Royal Bank of Scotland Group (RBS) 209.00p -1.92%
Meggitt (MGGT) 635.40p -1.64%
St James's Place (STJ) 1,170.50p -1.47%
Imperial Brands (IMB) 1,798.60p -1.45%
Intertek Group (ITRK) 5,814.00p -1.39%
Land Securities Group (LAND) 982.00p -1.39%
Just Eat Takeaway.Com N.V. (CDI) (JET) 7,700.00p -1.28%

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