FTSE 100 movers: Miners rally as copper prices jump; Bunzl on the back foot

London's FTSE 100 was up 1.2% to 7,314.59 in afternoon trade on Wednesday as the pound took a hit from the latest inflation data, which cast doubts over the prospect of a BoE rate hike next month.

Mediclinic International advanced after saying it expects profits for the year to be marginally ahead of expectations, thanks to a "significant" second half improvement in its Middle East hospitals.

Miners Glencore, Anglo American, Rio Tinto, BHP Billiton and Antofagasta were all higher as copper prices rose.

BHP Billiton and Rio also benefited from a note by HSBC, which said they were the two standout stocks in the sector.

Shire was in the black after authorities in Switzerland validated the marketing authorisation for its lanadelumab treatment for investigational hereditary angioedema.

On the downside, distribution and outsourcing group Bunzl was in the red despite posting a 7% jump in first-quarter revenue as it announced the completion of acquisitions in the US and the Netherlands last month.

Premier Inn and Costa owner Whitbread was on the back foot after HSBC downgraded its stance on the stock to 'hold' from 'buy'.

"Whitbread has rallied circa 10% since Friday when activist shareholder Elliott Advisors increased its holding to over 6%. With circa 14% upside left to our target price, we take our rating down to a hold as we believe the risk/reward is more fairly balanced," HSBC said.

Micro Focus fell as US peer IBM saw its shares slump after the company's first-quarter margins missed forecasts. Although IBM's profit and revenue were ahead of expectations, its adjusted gross profit margin declined to 43.7% from 44.5% the year before, a drop the group attributed to significant one-time charges.

Marks & Spencer slipped as it announced the departure of one of its directors, Patrick Bousquet-Chavanne, as part of the reorganisation of its management.

Risers

Mediclinic International (MDC) 676.20p 8.23%
Glencore (GLEN) 364.01p 4.75%
Anglo American (AAL) 1,770.00p 4.23%
Rio Tinto (RIO) 3,918.00p 3.79%
Fresnillo (FRES) 1,301.50p 3.79%
Shire Plc (SHP) 3,742.00p 3.33%
BHP Billiton (BLT) 1,495.60p 3.32%
Antofagasta (ANTO) 976.80p 3.26%
Evraz (EVR) 399.60p 2.65%
Royal Dutch Shell 'A' (RDSA) 2,435.50p 2.20%

Fallers

Hargreaves Lansdown (HL.) 1,711.50p -2.03%
Bunzl (BNZL) 2,096.00p -1.78%
Coca-Cola HBC AG (CDI) (CCH) 2,474.00p -1.63%
Whitbread (WTB) 4,132.00p -1.62%
Persimmon (PSN) 2,668.00p -1.33%
Barratt Developments (BDEV) 553.00p -1.21%
Johnson Matthey (JMAT) 3,259.00p -1.21%
Micro Focus International (MCRO) 1,276.00p -1.09%
easyJet (EZJ) 1,604.50p -1.08%
Associated British Foods (ABF) 2,662.00p -1.04%