17 Mar, 2025 15:40 17 Mar, 2025 15:40

FTSE 100 movers: Phoenix surges; supermarkets in the red again

Phoenix CopperSharecast graphic / Josh White

London’s FTSE 100 was up 0.5% at 8,674.52 in afternoon trade on Monday.

Phoenix Group surged to the top of the index as it upgraded its cash generation and adjusted operating profit targets through 2026 following a strong performance in 2024.

Operating cash generation (OCG) totalled £1.40bn in 2024, up 22% year-on-year, helped by the strong delivery of recurring management actions, which are expected to produce around £300m in excess cash per annum, the company said.

With the £1.4bn OCG target being achieved two years early, Phoenix has now lifted its three-year OCG target from £4.4bn to £5.1bn over 2024 to 2026, and expects to grow OCG by a further mid-single digital percentage per annum going forward.

"We therefore expect to generate excess cash of £1.1bn across 2024-26 and this will be allocated in accordance with our capital allocation framework, with a clear focus on deleveraging," the company said.

On the downside, Tesco, Marks & Spencer and Sainsbury’s were under the cosh again following heavy losses on Friday after Asda said it would undertake a "substantive" programme of investment that would "materially" dent its profits.

AstraZeneca nudged lower as it announced the up to $1bn acquisition of Belgian biotech firm EsoBiotec, which it said has the potential to "transform" cell therapy.

FTSE 100 - Risers

Phoenix Group Holdings (PHNX)576.50p10.02%
Smurfit Westrock (DI) (SWR)3,508.00p3.02%
JD Sports Fashion (JD.)74.56p2.70%
Pershing Square Holdings Ltd NPV (PSH)3,730.00p2.47%
International Consolidated Airlines Group SA (CDI) (IAG)289.80p2.33%
M&G (MNG)221.00p2.27%
Convatec Group (CTEC)259.80p2.12%
Antofagasta (ANTO)1,888.00p1.97%
Entain (ENT)650.00p1.91%
SEGRO (SGRO)710.00p1.87%