FTSE 100 movers: Evraz takes a hit on Russia woes; AB Foods rallies

London’s FTSE 100 was down 0.3% to 7,159.42 in afternoon trade on Monday, weighed down by stocks with exposure to Russia.

Russian steel producer Evraz and Polymetal International, which has operations in Russia, were sharply lower after Trump’s administration imposed sanctions over the weekend on 24 Russian oligarchs and 12 companies to punish the country for actions in Crimea, Ukraine and Syria, and for attempting to subvert Western democracies.

Glencore, which owns a large stake in Russian aluminium producer Rusal, was also under the cosh.

Other miners were also on the back foot, with Fresnillo, Anglo American, Antofagasta and BHP Billiton all weaker.

BHP Billiton was upgraded to ‘buy’ at Societe Generale but Anglo American was cut to ‘hold’.

On the upside, Primark owner Associated British Foods was the standout gainer as Credit Suisse said the company’s first-half results should reassure, but cut its price target on the outperform-rated stock to 3,300p from 3,700p given weak retail peer multiples.

CS said the results should show solid progress in Ingredients driven by Twinings/Ovaltine, while Grocery should be helped by reduced losses in bread and the Acetum acquisition. As far as Primark is concerned, it expects £346m in EBIT, with 9.9% margins.

Aerospace and defence group Rolls-Royce gained ground after agreeing to sell its wholly-owned subsidiary L’Orange, a parts maker, to US-based Woodward for an enterprise value of €700m (£610m).

Advertising giant WPP was lifted by news that it has taken steps to prepare for life after chief executive Sir Martin Sorrell and that investors are pushing for asset sales.

Risers

Associated British Foods (ABF) 2,537.00p 1.68%
Rolls-Royce Holdings (RR.) 882.20p 1.64%
WPP (WPP) 1,180.00p 1.51%
ITV (ITV) 150.04p 1.31%
International Consolidated Airlines Group SA (CDI) (IAG) 622.80p 1.17%
National Grid (NG.) 832.90p 1.02%
Bunzl (BNZL) 2,110.00p 0.96%
Just Eat (JE.) 694.40p 0.90%
Aviva (AV.) 493.10p 0.88%
Micro Focus International (MCRO) 1,138.00p 0.84%

Fallers

Evraz (EVR) 371.30p -17.58%
Glencore (GLEN) 336.30p -4.23%
Fresnillo (FRES) 1,215.00p -2.17%
Anglo American (AAL) 1,588.20p -1.87%
BP (BP.) 489.15p -1.86%
Antofagasta (ANTO) 901.20p -1.57%
BHP Billiton (BLT) 1,367.80p -1.51%
Randgold Resources Ltd. (RRS) 5,582.00p -1.34%
Imperial Brands (IMB) 2,523.00p -1.23%
Coca-Cola HBC AG (CDI) (CCH) 2,674.00p -1.22%