FTSE 100 movers: NMC Health retreats; oil giants rally on Middle East woes
London’s FTSE 100 was down 0.9% at 7,551.32 in afternoon trade on Monday amid concerns about escalating geopolitical tensions.
NMC Health was the worst performer on the index after UAE-based private healthcare operator said an independent review launched after research firm Muddy Waters shorted the stock last month will initially assess its cash balances as of 15 December.
Hikma Pharmaceuticals was knocked lower by a downgrade to ‘underweight’ from ‘neutral’ at JPMorgan, as it took a look at the European pharmaceutical and biotech sectors.
On the upside, defence group BAE Systems was the biggest gainer.
Oil giants BP and Royal Dutch Shell advanced as oil prices rallied amid worries about disruption to supply. Brent crude breached the $70 a barrel level earlier on Monday, taking it to a level not seen since May last year.
London Capital Group analyst Jasper Lawler said: "Not only are the tensions between the US and Iran destabilising the Middle East, but oil supplies from Iraq are directly under threat.
"Number one: Iran could take revenge against the US by attacking Iraqi oil facilities. Number two: if US troops are forced to withdraw from Iraq, US President Donald Trump has threatened to impose sanctions, presumably including Iraqi oil."
Gold miner Polymetal also racked up strong gains as gold prices neared a seven-year high amid a flight to safety.
FTSE 100 - Risers
BAE Systems (BA.) 592.80p 2.07%
BP (BP.) 503.60p 1.93%
Polymetal International (POLY) 1,228.50p 1.53%
Royal Dutch Shell 'A' (RDSA) 2,320.00p 0.94%
Royal Dutch Shell 'B' (RDSB) 2,323.00p 0.72%
Associated British Foods (ABF) 2,611.00p 0.69%
Rightmove (RMV) 638.80p 0.09%
Croda International (CRDA) 5,085.00p 0.00%
SSE (SSE) 1,444.00p -0.07%
Ashtead Group (AHT) 2,383.00p -0.08%
FTSE 100 - Fallers
NMC Health (NMC) 1,668.50p -4.66%
Hikma Pharmaceuticals (HIK) 1,898.00p -4.43%
Evraz (EVR) 385.20p -3.92%
International Consolidated Airlines Group SA (CDI) (IAG) 604.60p -3.33%
Morrison (Wm) Supermarkets (MRW) 192.95p -3.09%
British Land Company (BLND) 612.00p -2.83%
Burberry Group (BRBY) 2,164.00p -2.70%
Glencore (GLEN) 235.45p -2.57%
Johnson Matthey (JMAT) 2,918.00p -2.44%
Standard Chartered (STAN) 703.80p -2.36%