FTSE 100 Dips as Coca-Cola HBC Downgraded, Glencore Surges on Divestment Expectations
The FTSE 100 index closed down 0.4% at 10,858.04 on Monday afternoon.
Coca-Cola HBC suffered a significant decline after BNP Paribas downgraded its rating to 'neutral' from 'outperform', citing limited upside potential following the stock's strong run.
The bank also cut its price target to 245p from 251p, stating that Legal & General shares are up 19% year-to-date and valuations no longer support a 'buy' rating.
The shares of pharma giant GSK and tobacco stocks Imperial Brands and British American Tobacco were also weaker.
However, Glencore stood out as the top gainer on the index, with Deutsche Bank reiterating its 'buy' rating and highlighting potential for higher shareholder returns from divestments, increased copper volumes, and possible Rio merger talks.