FTSE 100 movers: Glencore rallies on upgrade; Tesco down after results
London’s FTSE 100 was up 0.7% at 6,936.97 in afternoon trade on Wednesday.
Glencore was the top riser following an upgrade to ‘buy’ at Goldman Sachs, which argued the miner will deliver above peer earnings growth and sector-leading free cash flow.
Goldman said in the same note that neutral-rated Antofagasta is a high-quality business with a strong balance sheet and world-class operating assets, but near-term free cash flow is held back by investment.
"While we see an attractive portfolio of growth options (Los Pelambres, Centinela), Antofagasta is still in the investment phase, with potential growth capex of circa $4bn (2021-2025E) expected to weigh on FCF," it said.
AstraZeneca was also on the rise even after Denmark reportedly stopped using its Covid-19 vaccine permanently due to blood clot fears. Investors were reacting to news that the company’s Tagrisso drug has been approved in China for the treatment of early lung cancer.
Tesco lost ground after it reported an unchanged annual dividend and a 20% drop in annual profit after Covid-19 costs outweighed higher revenue.
FTSE 100 - Risers
Glencore (GLEN) 297.55p 3.71%
Antofagasta (ANTO) 1,778.00p 3.04%
International Consolidated Airlines Group SA (CDI) (IAG) 209.25p 2.88%
Compass Group (CPG) 1,603.00p 2.86%
InterContinental Hotels Group (IHG) 5,238.00p 2.55%
BAE Systems (BA.) 514.60p 2.39%
London Stock Exchange Group (LSEG) 7,766.00p 1.89%
Whitbread (WTB) 3,516.00p 1.82%
Anglo American (AAL) 3,105.00p 1.77%
AstraZeneca (AZN) 7,282.00p 1.60%
FTSE 100 - Fallers
Tesco (TSCO) 226.90p -2.24%
Hargreaves Lansdown (HL.) 1,647.50p -1.41%
Sainsbury (J) (SBRY) 239.90p -1.19%
Legal & General Group (LGEN) 290.30p -1.19%
BT Group (BT.A) 149.10p -1.13%
Ferguson (FERG) 9,110.00p -1.09%
Johnson Matthey (JMAT) 3,113.00p -1.08%
Smith (DS) (SMDS) 404.20p -1.05%
Auto Trader Group (AUTO) 584.20p -1.05%
Berkeley Group Holdings (The) (BKG) 4,541.00p -1.00%