FTSE 100 movers: Ocado rallies but Fresnillo loses its shine
London's FTSE 100 was up 1.1% at 7,194.47 in afternoon trade on Monday amid renewed optimism about Sino-US trade relations and hopes of central bank stimulus.
Online supermarket Ocado was the biggest gainer on the index as JPMorgan Cazenove nudged up its price target on the neutral-rated stock.
"It operates with the lowest picking costs in the industry and does not face the duplication of costs and capex that the incumbents face (stores and dark stores) or their declining asset values," JPM said.
Elsewhere, Sainsbury's was also in the green. The Sunday Telegraph reported that the supermarket chain has kicked off a search for a successor to chief executive officer Mike Coupe, with three internal candidate said to be tipped for the top job.
However, Sainsbury's downplayed the report, telling the Times on Sunday that it was not talking to internal candidates about succession planning.
Miners Glencore, Antofagasta and Anglo American were all firmer as copper prices rose but precious metals miner Fresnillo lost its shine as gold prices dipped. Chilean miner Antofagasta is due to release its half-year results on Thursday.
FTSE 100 - Risers
Ocado Group (OCDO) 1,207.50p 4.91%
Glencore (GLEN) 233.90p 4.23%
Sainsbury (J) (SBRY) 189.45p 3.81%
TUI AG Reg Shs (DI) (TUI) 775.00p 3.78%
Smith (DS) (SMDS) 325.00p 3.57%
Antofagasta (ANTO) 814.60p 2.96%
Anglo American (AAL) 1,743.60p 2.66%
Phoenix Group Holdings (PHNX) 673.40p 2.56%
Ashtead Group (AHT) 2,142.00p 2.44%
Scottish Mortgage Inv Trust (SMT) 531.70p 2.35%
FTSE 100 - Fallers
Fresnillo (FRES) 658.40p -0.78%
Micro Focus International (MCRO) 1,592.00p -0.36%
Flutter Entertainment (FLTR) 6,492.00p -0.28%
NMC Health (NMC) 1,847.00p -0.22%
Vodafone Group (VOD) 150.52p -0.21%
Bunzl (BNZL) 2,028.00p -0.20%
Sage Group (SGE) 697.80p -0.17%
Hiscox Limited (DI) (HSX) 1,599.00p -0.12%
Auto Trader Group (AUTO) 525.20p 0.00%
BAE Systems (BA.) 549.40p 0.07%