FTSE 100 movers: Miners push higher, StanChart rebounds from recent losses

London’s top-flight index was firmly on the font foot on Thursday, with miners pacing the advance, as Asian markets stabilised following intervention from the People’s Bank of China, and as expectations of a rate hike by the Federal Reserve were pushed back.

Asia-focused Standard Chartered posted strong gains. Brenda Kelly at London Capital Group said: “Emerging market exposure has ground down shares in the bank over the past number of weeks. Given that the average price target is above the £10 marker, and the stock is currently trading at 750p you could say that bargain hunting amongst the financial sector stocks was inevitable.”

Heavily-weighted mining stocks rallied as worries about China receded, at least for now. Anglo American, BHP Billiton, Antofagasta and Rio Tinto were all in the black as most metals prices advanced.

BHP Billiton was also benefiting from a rating upgrade. Exane BNP Paribas lifted its stance on the stock to ‘neutral’ from ‘underperform’ following the recent correction in the stock. It said a drastic cut in capex and cost advantages in iron ore and copper are starting to mitigate petroleum risks. “If the dividend payment is prioritised over any capex after maintenance, a 7.8% dividend yield is hard to ignore,” said Exane.

Risers

Anglo American (AAL) 708.80p +6.70%

Standard Chartered (STAN) 751.90p +6.31%

Shire Plc (SHP) 5,020.00p +6.00%

BHP Billiton (BLT) 1,070.00p +5.99%

Antofagasta (ANTO) 592.00p +5.43%

Rio Tinto (RIO) 2,309.50p +4.98%

ARM Holdings (ARM) 917.50p +4.86%

Barclays (BARC) 263.50p +4.56%

Sage Group (SGE) 517.00p +4.44%

GKN (GKN) 292.80p +4.42%

Fallers

Whitbread (WTB) 4,805.00p -0.31%