FTSE 100 movers: Miners rally but REITs drop as Intu deal collapses
London's FTSE 100 was up 0.6% to 7,046.11 in afternoon trade on Thursday, underpinned by a weak pound and strength in the mining sector.
Miners rallied, with Antofagasta, Glencore and Anglo American among the top gainers as copper prices rose and as an upbeat tone boosted investors' appetite for risk.
Equipment rental firm Ashtead pushed higher as it promoted the boss of its US business to the chief executive role as Geoff Drabble steps down after 12 years in charge.
Brendan Horgan has been chief executive of Sunbelt Rentals since the start of 2011 and, alongside continuing this role, was a year ago also promoted to be group chief operating officer as part of the FTSE 100 group's long-term succession process.
On the downside, British Land and Land Securities retreated after Intu Properties said a consortium led by its Deputy Chairman John Whittaker pulled its takeover offer for the shopping centre owner citing economic uncertainties.
Russ Mould, investment director at AJ Bell, said: "It is no surprise to see shares in direct peer Hammerson as well as British Land and Land Securities, which also have significant retail exposure, under pressure given what today’s news says about how UK retail assets are perceived.”
Land Securities was also trading lower as its stock went ex-dividend, along with Severn Trent.
Housebuilders were under the cosh again amid worries about Brexit, with Persimmon, Taylor Wimpey and Berkeley Group all weaker.
FTSE 100 - Risers
Antofagasta (ANTO) 849.20p 5.31%
Ashtead Group (AHT) 1,814.50p 5.04%
Wood Group (John) (WG.) 656.80p 4.69%
Fresnillo (FRES) 787.50p 3.75%
Ferguson (FERG) 5,089.00p 3.71%
Randgold Resources Ltd. (RRS) 6,496.00p 3.51%
CRH (CRH) 2,224.00p 3.49%
Smith (DS) (SMDS) 342.50p 3.26%
Glencore (GLEN) 295.40p 3.16%
Anglo American (AAL) 1,607.00p 3.03%
FTSE 100 - Fallers
British Land Company (BLND) 571.80p -5.49%
Land Securities Group (LAND) 837.20p -4.36%
Severn Trent (SVT) 1,880.00p -3.59%
GVC Holdings (GVC) 755.50p -1.76%
Morrison (Wm) Supermarkets (MRW) 244.10p -1.75%
Persimmon (PSN) 1,980.00p -1.69%
Taylor Wimpey (TW.) 139.15p -1.59%
Berkeley Group Holdings (The) (BKG) 3,318.00p -1.51%
easyJet (EZJ) 1,142.00p -1.51%
Sainsbury (J) (SBRY) 313.50p -1.42%