By Patrick Munnelly, Market Strategist, Tickmill
The FTSE 100 rose on Monday due to an increase in industrial metal mining stocks and copper prices with the commodity-focused index up 0.89% by the close.
Phoenix raises targets
Phoenix Group LON:PHNX, a UK-based insurance company, experienced a notable 5.7% surge in its shares, making it the top gainer on the FTSE 100 index.
This upward movement follows the completion of the merger between two of its insurance brands, Standard Life and Phoenix Life. As a result of the successful merger, Phoenix Group has revised its full-year cash generation forecast. The 2023 cash generation target has been upgraded to approximately £1.8 billion ($2.20 billion), a significant increase from the previous forecast range of £1.3 billion to £1.4 billion. Furthermore, the cash generation target spanning from 2023 to 2025 has been raised to £4.5 billion, up from the earlier projection of £4.1 billion. Despite this positive development, the company’s stock has faced a decline of around 19.2% year-to-date. The recent boost in share value reflects the market’s positive response to the merger completion and the improved financial outlook for Phoenix Group.
Endeavour Mining profit taking
On the negative side of the ledger Endeavour Mining’s [LON:EDV] quarterly report last week showed bullish results as the company surpassed revenue forecasts by 2.8% with US$539m and exceeded statutory earnings per share expectations by 55% with US$0.24. However, it appears profit taking has kicked in today with the miner sitting just off the bottom spot of the blue chip index, shedding 1.5% on the session. Endeavour has been pipped to the bottom spot by Ladbroke’s owner, Entain LON:ENT down 3.7% on the day and Experian LON:EXPN, down 1.6%.
Podcast: Everything you need to know about the FTSE 100 Index
Subscribe to our podcast on your favourite platform
Don’t miss out on our weekly podcast. You can find us on Spotify, Soundcloud, Amazon, Apple, YouTube and many other popular platforms
