FTSE 100 movers: Miners move up while airlines skydive
The FTSE 100 was up 41.13 points (0.65%) to 6,367.29 by mid-afternoon Wednesday.
Anglo American
2,750.00p
17:15 29/04/24
Antofagasta
2,282.00p
16:45 29/04/24
BHP Group Limited NPV (DI)
2,250.00p
16:45 29/04/24
easyJet
539.00p
17:14 29/04/24
Fresnillo
590.50p
17:14 29/04/24
FTSE 100
8,147.03
16:54 29/04/24
FTSE 350
4,481.53
16:44 29/04/24
FTSE All-Share
4,435.18
16:59 29/04/24
General Retailers
3,887.45
16:44 29/04/24
Glencore
473.45p
17:14 29/04/24
IBEX 35
11,100.80
18:44 29/04/24
International Consolidated Airlines Group
€2.07
18:16 29/04/24
Marks & Spencer Group
259.70p
17:05 29/04/24
Mining
10,673.75
16:44 29/04/24
Rio Tinto
5,457.00p
16:40 29/04/24
Travel & Leisure
7,608.55
16:44 29/04/24
Mining stocks, specifically Anglo American, Rio Tinto and BHP Billiton drove the market higher on the back of Morgan Stanley upgrading its stance on all three stocks.
The investment firm also lifted its view on the European metals and mining sector to ‘attractive’ from ‘in line’, which also boosted Antofagasta, Glencore and Fresnillo.
European airline stocks fell sharply on Wednesday, dragged lower by rising oil prices and a downgrade by Credit Suisse to ‘benchmark’ from ‘overweight’.
“We can see the close correlation between airlines and the oil price, with much of their recent outperformance resulting from the renewed weakness in the oil price,” said Credit Suisse, as it cut its stance on European airlines.
International Consolidated Airlines Group was the biggest casualty from that note as well as easyJet.
And Marks & Spencer was under pressure after JPMorgan Cazenove downgraded the stock to ‘neutral’ from ‘overweight’ and cut its price target to 550p from 600p.
The bank said it expects another quarter of negative like-for-like performance from M&S in General Merchandise and it’s also concerned that LFL growth in the food business is becoming harder to achieve.
Risers
Anglo American (AAL) 665.30p +10.11%
Antofagasta (ANTO) 589.50p +9.78%
Rio Tinto (RIO) 2,520.00p +8.90%
Glencore (GLEN) 125.15p +6.19%
Aberdeen Asset Management (ADN) 344.50p +5.29%
BHP Billiton (BLT) 1,112.00p +4.96%
Standard Chartered (STAN) 744.20p +4.22%
GKN (GKN) 290.10p +3.24%
Fresnillo (FRES) 693.50p +3.12%
Old Mutual (OML) 208.10p +2.87%
Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 561.00p -4.35%
Hikma Pharmaceuticals (HIK) 2,162.00p -4.34%
Carnival (CCL) 3,298.00p -4.21%
easyJet (EZJ) 1,694.00p -3.75%
TUI AG Reg Shs (DI) (TUI) 1,225.00p -3.39%
Marks & Spencer Group (MKS) 504.00p -2.98%
Sports Direct International (SPD) 754.50p -2.71%
Berkeley Group Holdings (The) (BKG) 3,318.00p -2.64%
Whitbread (WTB) 4,649.00p -2.52%
Persimmon (PSN) 2,005.00p -2.15%