HSBC hands Flutter a boost on Gold Cup day
The bookies may have edged it at Cheltenham yesterday even after Galopin Des Champs romped home in the Gold Cup on St Patrick’s Day.
And investors in Paddy Power owner Flutter were given a further boost as analysts at HSBC hiked the target price for its shares to 16900p from 14300p.
It also hailed ‘strong’ trading in the UK and ‘excellent’ momentum in the US.
The upgrade came as punters – many with a few Guinnesses inside them – watched jockey Paul Townend bring home the 7-to-5 favourite ahead of Bravemansgame and Conflated.
However, Flutter shares slid 1.5 per cent, or 205p, to 13625p, rival Entain, which owns Ladbrokes and Coral, dropped 0.5 per cent, or 6p, to 1207.5p and William Hill owner 888 slumped 8.1 per cent, or 5.15p, to 58.85p.
The Gold Cup would have provided some much-needed respite for many in the City at the end of a tumultuous week. The FTSE 100 was off 1 per cent, or 74.63 points, to 7335.4, in another grim session for London’s premier index. The FTSE 250 fell by 1.5 per cent, or 287.75 points, to 18470.83.
Rising metal prices boosted mining stocks with Glencore gaining 2.2 per cent, or 9.45p, to 432.65p, Anglo American rising 1 per cent, or 25p, to 2504p, Fresnillo advancing 1.8 per cent, or 12.2p, to 710p. Rio Tinto, however, lost 0.6 per cent, or 31p, to 5250p.
Investors made another dash for safe-haven assets, helping to lift gold producer Endeavour Mining 2.4 per cent, or 42p, to 1760p. Oil prices slipped to around $73 a barrel as demand was hit by fears over the health of the global economy.
Source of data and images: dailymail