Shares in Land Securities and British Land fell today after both property groups were downgraded by Goldman Sachs (NYSE:GS), while JP Morgan lowered its price targets on both companies.
Goldman Sachs downgraded British Land to neutral from buy and reduced its price
target to 410p from 580p, while JPMorgan cut its price target to 530p from 700p but retained its overweight rating.
On Land Securities, Goldman Sachs lowered its rating to sell from neutral and cut its price target to 500p from 650p, while JPMorgan retained its neutral rating but with a lower price target of 650p down from 900p.
Land Securities fell 2.7% and British Land fell 0.7%.
Capita lifted by double dose of good news
Shares in Capita PLC (LSE:CPI) (Capita PLC (LSE:CPI)) advanced after it reported a contract extension with Barnet Council and the disposal of its subsidiary Pay360 Ltd to Access PaySuite.
Shares in the outsourcing services group rose 6.6% after securing the contract extension with the north London council that is worth £42.7mln, although with indexation and potential additional work it could be worth up to £57mln.
Separately, Capita said it agreed to dispose of Pay360 to the division of Access Group for £150mln on a cash-free, debt-free basis.
Capita said the sale will help reduce its debt, provide additional liquidity, and allow it to enhance its digital offerings for clients and build a more focused and sustainable business for the long term.
Royal Mail falls after FedEx (NYSE:FDX) warning
Shares in Royal Mail PLC (LSE:RMG) dipped today following the profits warning by US peer FedEx (NYSE:FDX) pulled its full year guidance after warning that first quarter profits would miss estimates as a global demand slowdown accelerates.
It cited "macroeconomic weakness" in Asia and "service challenges" in Europe.
Investors took the view that industry challenges would be the same for Royal Mail which also faces the prospect of more industrial action as employees strike over higher pay.
Royal Mail workers represented by the Communication Workers Union (CWU) had planned a walkout on 9 September 2022 but are now planning to strike on September 30 and October 1 2022.
Shares fell 10.5% to 223.5p.
EU drug approvals boost AstraZeneca
AstraZeneca PLC (LSE:AZN) was a rare riser in the FTSE 100 after it said today it had received two recommendations for drug approvals in the EU, while a drug for blood disorder paroxysmal nocturnal haemoglobinuria met its primary endpoint in a phase three trial.
The group said its Beyfortus drug, which it develops with Sanofi. for the prevention of lower respiratory tract disease in newborns and infants has been recommended for marketing authorisation in the European Union
Meanwhile, AstraZeneca's Evusheld Covid antibody treatment has been recommended for marketing authorisation in the EU for adults with the virus at risk of progressing to severe disease.
The company explained phase III treatment data showed reduced risk of severe Covid or death.
Shares rose 1.7% following the news.