FTSE 100 movers: Miners fall in tandem with metals prices; Rentokil rallies
London’s FTSE 100 was down 0.3% at 7,269.20 in afternoon trade on Tuesday.
Standard Chartered fell as it said underlying pre-tax profit rose 44% to $1.08bn in the third quarter as income rose and bad debts fell sharply, but that annual income was set to be similar to the year before on a constant currency basis and lower in the fourth quarter than in the third.
Chris Beauchamp, chief market analyst at IG, said: "Standard Chartered beat expectations in its results this morning, but after a 24% bounce from the October low to yesterday’s close, investors are relearning the phrase: ‘it is better to travel than to arrive’. Still, there was plenty to like in the numbers, even if the outlook was rather cautious."
Paddy Power owner Flutter Entertainment also lost ground as it posted a jump in third-quarter revenue but downgraded its earnings guidance for the year due to unfavourable sports results in October and its temporary Netherlands exit.
BP was trading lower even as the energy giant said surging oil and gas prices had helped it to report better-than-expected third quarter profits as demand for its products soared on the back of economic recovery from the Covid pandemic.
Miners Anglo American, Antofagasta, Glencore, BHP and Rio all retreated as iron ore and copper prices fell.
On the upside, Rentokil was boosted by an upgrade to ‘hold’ from ‘sell’ at Berenberg. The bank said: "As the resilience of pricing removes a key catalyst for our ‘sell’ case and consensus estimates for FY 2021 appear achievable, the risk/reward is balanced in our view and we upgrade to hold."
FTSE 100 - Risers
Bunzl (BNZL) 2,760.00p 2.15%
Rentokil Initial (RTO) 606.60p 1.98%
Spirax-Sarco Engineering (SPX) 15,990.00p 1.75%
AstraZeneca (AZN) 9,297.00p 1.74%
SEGRO (SGRO) 1,309.50p 1.71%
Ashtead Group (AHT) 6,288.00p 1.55%
Reckitt Benckiser Group (RKT) 6,070.00p 1.45%
Taylor Wimpey (TW.) 152.70p 1.39%
Rightmove (RMV) 703.60p 1.35%
Informa (INF) 531.80p 1.33%
FTSE 100 - Fallers
Standard Chartered (STAN) 467.00p -7.67%
Darktrace (DARK) 641.50p -5.87%
Flutter Entertainment (CDI) (FLTR) 13,305.00p -5.20%
Pearson (PSON) 592.00p -4.05%
BP (BP.) 343.65p -3.74%
Anglo American (AAL) 2,712.50p -3.56%
Antofagasta (ANTO) 1,389.00p -3.44%
Glencore (GLEN) 353.70p -3.33%
BHP Group (BHP) 1,861.60p -3.24%
Rio Tinto (RIO) 4,434.50p -2.76%