FTSE 100 movers: Antofagasta says operations resilient, Meggitt down on dire sector outlook
Antofagasta was at the top of the leaderboard on Tuesday on the back of its full-year results.
The Chile-based miner posted a better-than-expected profit for 2019 and although it was conducting a spending review, its operations had not yet been hurt by the tough global economic conditions.
AstraZeneca was right behind after reporting that its Imfinzi drug had triggered a "clinically meaningful improvement" in survival rates among patients in a clinical trial with extensive-stage small-cell lung cancer when used in combination with chemotherapies
The drug maker's shares were also boosted by comments out of analysts at Citi who said that the pharmaceutical majors in its coverage were all trading 40% below their worst case estimates for net present value for the COVID-19 crisis, "notably" Sanofi, Astra Zeneca and Bristol Myers Squibb.
Shares of high-yielding companies and defensive issues, including Vodafone, Unilever and utility stocks were also moving higher.
Firms who could see increased demand on the back of the coronavirus crisis, such as Ocado and BT Group also found a bid.
Aerospace and defence engineer Meggitt was among the worst performing stocks.
In a research note sent to clients, analysts at Barclays warned that the aerospace sector might suffer more in terms of production, aftermarket demand, earnings per share and free cash flow than during the Great Financial Crisis.
"Our conclusion, after examining what happened both post 9/11 and the GFC (Global Financial Crisis), is that there's likely more relative downside from here for aerospace.
"The group has not yet hit prior crises lows in terms of valuation, while this time is likely worse for air traffic and therefore production, aftermarket and EPS/FCF."
Market Movers
FTSE 100 (UKX) 5,161.64 0.21%
FTSE 100 - Risers
Antofagasta (ANTO) 695.60p 12.09%
Ocado Group (OCDO) 1,350.00p 9.49%
Reckitt Benckiser Group (RB.) 5,745.00p 8.40%
AstraZeneca (AZN) 6,707.00p 7.81%
BHP Group (BHP) 1,122.40p 7.80%
Admiral Group (ADM) 2,160.00p 6.56%
Unilever (ULVR) 3,962.00p 6.33%
Schroders (SDR) 2,263.00p 6.24%
National Grid (NG.) 915.70p 6.01%
Severn Trent (SVT) 2,397.00p 5.92%
FTSE 100 - Fallers
JD Sports Fashion (JD.) 347.50p -16.71%
Carnival (CCL) 941.40p -15.95%
Taylor Wimpey (TW.) 112.15p -14.00%
TUI AG Reg Shs (DI) (TUI) 273.10p -13.08%
Smiths Group (SMIN) 838.20p -12.81%
ITV (ITV) 65.44p -12.56%
Kingfisher (KGF) 120.15p -12.33%
Meggitt (MGGT) 337.70p -11.71%
Persimmon (PSN) 1,626.00p -10.95%
Barratt Developments (BDEV) 408.60p -9.90%