BT’s analyst call has helped BT to regain the trust of investors

Berenberg has issued a call to investors who have suffered for BT. Berenberg questioned whether the shares of the telecoms company, which had fallen 15 percent since the beginning of the year, were too low.

The mood at BT is tense. There are several factors that have been weighing on the company’s mind. These include a looming presentation of first results in May by Allison Kirkby – the new group chief executive – a general election, and a shift away from consumer price index-linked pricing. Berenberg thinks these things are “overdone”.

Carl Murdock Smith, an analyst with the bank, says that these “risk events” are what have caused BT shares to be “the worst in the sector of telecoms year-to date”, but he’s confident they can all be managed. Murdock Smith said that although the bank had recommended a “buy” recommendation for the stock, recent share price actions have convinced them to act sooner.

Berenberg’s positive analyst has upgraded BT to a “buy”.

Investors heeded this advice and sent the FTSE 100 shares up by 1 1/2p or 1.4 percent to 106 1/4p.

BT was one of the few bright spots on London’s stock markets. Nearly three-quarters of the FTSE 100 fell into negative territory as the market waited for the release of important economic data, and the decision of interest rates. The FTSE 100 fell 42.17 points or 0.6 percent to 7,640.33. Meanwhile, the more UK-focused FTSE 250 declined 105.30 or 0.5 percent to 19,249.08.

Ocado has not been at the top of the senior index for the first few years. Morgan Stanley analysts are concerned that the online retail and tech group may suffer because its customers will not require as much storage capacity as they did during the Covid era. Ocado shares fell 31p or 6.5 percent to 445p. This is their lowest price in over 8 months.

The Sunday Times reported that 15,000 claims of overcharging are being filed against the FTSE 100 Group. Investors still reeling from the shock announcement by St James’s Place of a provision of £426million for customer compensation made last week continued to dump their shares. The shares have dropped by 20 1/2p or 4 percent to 491 1/4p.

Goldminers were able to stem the FTSE 100 losses as dealers watched prices rise three months in a row amid increasing bets the US Federal Reserve would start cutting interest rates by June. Endeavour Mining climbed 44p or 3.3 percent to £16.28, Fresnillo added 12 1/2p or 2.7 percent to 476p and Hochschild Mining grew 5p or 5.3 percentage points to 100p.

One of the biggest moves in the market was made by Renalytix. The Aim-listed firm, which develops kidney disease diagnostic systems, jumped 10 1/2p or 26 per cent to 50 1/2p.

The news that Mirriad Advertising – which uses artificial intelligence for inserting billboards and posters into content – had signed a two year agreement with an “unnamed US media and entertainment conglomerate”, boosted shares of the technology minnow by 1/4p or 17.7% to just over 1.1/2p.

Another contract for EnSilica. The microchip maker announced that it had signed a new €3.8-million deal with “a prominent European automotive and industrial semiconductor provider”.

Caledonia Mining Corporation investors were punished when the Zimbabwe-based gold producer warned its pre-tax profit would be “materially lower than market expectations” due to costly overtime payments, power costs at the Blanket Mine, and “several one-off non-operating expenses in the final quarter”. The shares fell 70p or 8.9% to settle at an all-time low of 720p.