FTSE 100 movers: Fresnillo shines as gold rallies; United Utilities hit by downgrade
London's FTSE 100 was down 0.5% to 7,168.86 in afternoon trade on Monday, with worries about Brexit and global growth weighing on sentiment.
United Utilities was under pressure as Deutsche Bank downgraded its stance on the shares to 'hold' from 'buy' as they have risen above its 850p price target and now look "less clearly undervalued".
DB noted that the stock has risen strongly since its upgrade to 'buy' on 1 October 2018, with rising confidence around future incentive scheme performance improvements and moderating concerns around political risk.
"However, the stock now looks less clearly undervalued, having risen above our 850p price target," it said.
"Furthermore we believe that UK political uncertainty is rising again as the Brexit negotiations come to a head with growing downside risks."
Equipment rental firm Ashtead - which has a large presence in the US - was in the red amid worries about an economic slowdown Stateside.
Rolls-Royce retreated after San Francisco-based activist investor ValueAct Capital Management cut its stake in the company.
ValueAct sold off just over 1.9 billion shares in the aerospace and defence firm, reducing its holding from 10.94% to 9.48%. It remains the company's largest shareholder.
On the upside, precious metals miner Fresnillo shone as gold prices rallied amid strong demand for safe-haven assets.
RBS was just a touch higher as Jefferies hiked its price target to 489p from 341p as it pencilled in £1.3bn worth of buybacks and a corresponding reduction in the lender's share count.
FTSE 100 - Risers
Fresnillo (FRES) 841.60p 0.96%
Rio Tinto (RIO) 4,252.50p 0.51%
Admiral Group (ADM) 2,149.00p 0.33%
Schroders (SDR) 2,675.00p 0.30%
Taylor Wimpey (TW.) 175.00p 0.29%
Ocado Group (OCDO) 1,235.50p 0.28%
Persimmon (PSN) 2,144.00p 0.28%
Royal Bank of Scotland Group (RBS) 248.80p 0.24%
Barratt Developments (BDEV) 587.40p 0.17%
Standard Chartered (STAN) 579.40p 0.14%
FTSE 100 - Fallers
Smith (DS) (SMDS) 329.10p -3.86%
United Utilities Group (UU.) 839.80p -2.76%
Pearson (PSON) 826.20p -2.71%
Mondi (MNDI) 1,664.50p -2.60%
BAE Systems (BA.) 458.30p -2.49%
Informa (INF) 723.00p -2.46%
Smiths Group (SMIN) 1,397.00p -2.41%
Ashtead Group (AHT) 1,819.50p -2.18%
TUI AG Reg Shs (DI) (TUI) 768.60p -2.14%
Rolls-Royce Holdings (RR.) 886.60p -1.92%