FTSE 100 movers: Smith & Nephew rises but miners drop as copper prices fall
London's FTSE 100 was down 0.7% to 7,264.82 in afternoon trade on Friday.
Miners were under the cosh as copper prices fell, with Antofagasta, Glencore and Anglo American all in the red.
International Consolidated Airlines flew lower after British Airways said that the credit information of at least 380,000 customers had been compromised in a data theft.
Building materials group CRH was on the back foot even as JPMorgan said it remains its top pick in the sector.
"The outlook for developed markets cement remains more positive while we note that CRH has been the only stock in the sector not seeing negative earnings revisions year-to-date. Looking into H2, we also find the hurdle rate for CRH undemanding.
"Yet the stock is down 3% YTD, trading on a discount to its historical average and broadly in line with the European large-cap cement sector on 7.5x FY19E EV/EBITDA, while free cash flow yield remains attractive on 7.7%. Superior financial flexibility and the buyback should support the shares."
Smith & Nephew was the top gainer as Morgan Stanley said in a note that it sees "significant upside potential" but awaits catalysts before making a more positive call on the equalweight-rated stock.
DCC also gained after RBC Capital Markets initiated coverage of the support services group at ‘outperform’ with a 9,500p price target, saying the valuation looks undemanding versus other distribution and defensive growth names in business services.
"DCC should be a key holding given the strength of its operating model, consistent cashflow and return characteristics and earnings upside potential from consolidation opportunities in its fragmented end markets," RBC said.
FTSE 100 - Risers
Smith & Nephew (SN.) 1,373.50p 1.40%
BAE Systems (BA.) 616.20p 1.02%
DCC (DCC) 6,784.00p 0.73%
Vodafone Group (VOD) 165.08p 0.66%
BT Group (BT.A) 221.40p 0.45%
RSA Insurance Group (RSA) 616.00p 0.20%
Sky (SKY) 1,543.50p 0.10%
Unilever (ULVR) 4,223.00p -0.01%
Direct Line Insurance Group (DLG) 327.40p -0.09%
SEGRO (SGRO) 650.20p -0.09%
FTSE 100 - Fallers
Antofagasta (ANTO) 749.00p -3.53%
Fresnillo (FRES) 836.20p -3.11%
CRH (CRH) 2,470.00p -2.79%
Glencore (GLEN) 295.65p -2.78%
International Consolidated Airlines Group SA (CDI) (IAG) 662.68p -2.72%
Ocado Group (OCDO) 973.40p -2.50%
Ashtead Group (AHT) 2,262.00p -2.46%
Anglo American (AAL) 1,467.40p -2.30%
Randgold Resources Ltd. (RRS) 4,778.00p -2.27%
Melrose Industries (MRO) 224.80p -2.26%