FTSE 100 movers: Fresnillo loses its shine; Evraz gains

London’s FTSE 100 was down 1.3% at 5,813.49 in afternoon trade on Wednesday.

Precious metals miner Fresnillo lost its shine after trimming its full-year gold production guidance.

British Airways and Iberia owner IAG retreated despite an upgrade to ‘buy’ from ‘hold’ at Goodbody, which said the company’s third-quarter results at the end of the month should provide "comfort".

Goodbody downgraded its rating on IAG to hold on 8 September, given concerns that rising Covid-19 infection rates across the world were not being reflected in share prices. Since then, however, IAG’s stock has fallen 25% - excluding the rights dilution - leaving the share price at a small discount to Goodbody’s assessed network risk.

"As such, we change our recommendation to a buy ahead of the Q3 release due on Friday, October 30th."

GKN owner Melrose was also in the red, likely due to concerns about Covid-19 restrictions and the impact on the aerospace industry.

On the upside, Russian steelmaker Evraz was the top gainer, closely followed by B&Q and Screwfix owner Kingfisher.

FTSE 100 - Risers

Evraz (EVR) 368.10p 1.85%
Kingfisher (KGF) 324.50p 1.37%
Aveva Group (AVV) 4,540.00p 1.23%
NATWEST GROUP PLC ORD 100P (NWG) 116.55p 0.95%
BT Group (BT.A) 100.90p 0.85%
Rolls-Royce Holdings (RR.) 228.50p 0.66%
Standard Chartered (STAN) 382.50p 0.50%
Pennon Group (PNN) 1,001.00p 0.20%
Barclays (BARC) 104.34p 0.02%
3i Group (III) 1,054.00p -0.09%

FTSE 100 - Fallers

Fresnillo (FRES) 1,261.00p -5.40%
Melrose Industries (MRO) 129.70p -3.53%
Compass Group (CPG) 1,162.50p -3.29%
International Consolidated Airlines Group SA (CDI) (IAG) 103.80p -2.85%
GVC Holdings (GVC) 999.20p -2.47%
Standard Life Aberdeen (SLA) 241.40p -2.43%
Diageo (DGE) 2,567.50p -2.39%
Intermediate Capital Group (ICP) 1,293.00p -2.27%
Unilever (ULVR) 4,729.00p -2.21%
Prudential (PRU) 1,069.50p -2.19%