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London Movers: Petrofac, Schroders, Autonomy

CNBC.com
Thursday, 16 Jul 2009 | 5:32 AM ET

Shares of Petrofac rallied more than 5 percent Thursday to the top of the FTSE 100 after the oil and gas company said it won a 48-month integrated gas development contract in Abu Dhabi.

The contract, worth $2.1 billion, was awarded to Petrofac Emirates, a joint venture between Petrofac and Mubadala Petroleum Services. The deal has a value of around $1 billion to Petrofac Emirates.

Citigroup upgraded Schroders to buy from sell, sending shares of the money manager 2.8 percent higher. Citi upped its price target for the stock to 940p from 740p, saying that strong retail inflows and growth in the equity fund should improve the assets under management and revenue margins.

Shares of Autonomy sank 8 percent to the bottom of the FTSE following second-quarter earnings results from the software firm.

Revenue was in line with expectations, but analysts were disappointed by the deferred revenue from the Interwoven acquisition, according to Reuters.

- Reuters contributed to this report.

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