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FTSE 100 movers: TUI rallies on fleet expansion plans; Just Eat hit by MS note

London's FTSE 100 was up 0.5% to 7,075.83 in afternoon trade on Tuesday.
TUI was the standout gainer as the tour operator announced plans to increase capacity at TUI Cruises through fleet expansion. The company said its overall fleet will grow to 18 ships by 2023 from 15.

On the downside, Paddy Power was giving back some of the gains it made in the previous session when investors breathed a sigh of relief that the outcome of the Gambling Commission's triennial review was not as harsh as some had feared.

Just Eat retreated as Morgan Stanley cut its price target on the stock to 780p from 790p. MS pointed out that the company is finally making a push for delivery, which is the right strategic choice. "However, profitability requires strong execution and our analysis and proprietary data raises questions on the outsourcing model," it said, as it cut its EBITDA forecasts by 9-16%.

Imperial Brands was on the back foot after selling a range of accessories and roll-your-own brands in the US in an effort to simplify its business. The cigarette maker said the sale of tubes, tips, cigarette papers and other accessories, together with the roll-your-own brands, would sharpen its focus on sales from its core tobacco business and so-called next generation products.

Engineer GKN - which is currently fending off a hostile bid from Melrose Industries - was a little weaker as it said the turnaround specialist's claims about its pension schemes were "misleading".

Risers

TUI AG Reg Shs (DI) (TUI) 1,573.00p 2.61%
Royal Bank of Scotland Group (RBS) 263.70p 2.37%
London Stock Exchange Group (LSE) 4,041.00p 2.07%
Evraz (EVR) 419.40p 1.97%
3i Group (III) 909.00p 1.77%
Taylor Wimpey (TW.) 188.25p 1.73%
Old Mutual (OML) 246.90p 1.69%
Johnson Matthey (JMAT) 3,174.00p 1.60%
Barratt Developments (BDEV) 535.60p 1.59%
Rentokil Initial (RTO) 269.10p 1.59%

Fallers

Paddy Power Betfair (PPB) 7,500.00p -1.90%
Just Eat (JE.) 723.20p -1.69%
Fresnillo (FRES) 1,170.50p -1.43%
Centrica (CNA) 134.00p -1.25%
Imperial Brands (IMB) 2,385.00p -1.20%
BT Group (BT.A) 223.10p -1.15%
United Utilities Group (UU.) 684.60p -0.81%
Vodafone Group (VOD) 197.18p -0.73%
Severn Trent (SVT) 1,735.00p -0.57%
GKN (GKN) 422.00p -0.52%

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