FTSE 100 movers: Travel stocks rally on Brexit delay; Fresnillo loses its shine
London's FTSE 100 was steady at 7,420.69 in afternoon trade on Thursday as investors mulled the consequences of a Brexit delay to the end of October.
Travel stocks Tui, EasyJet and IAG were the biggest gainers following the extension to Article 50, which takes us over the critical summer months for such companies.
Housebuilders also got a boost from the extension and the latest RICS survey, which showed that house prices rose in March for the first time since July, with the monthly house price balance increasing to -24 last month from -27 in February.
On the downside, precious metals miner Fresnillo lost its shine after its first-quarter production was slightly lower than forecast but the company backed its full-year guidance on expectations of higher second-half output. Silver production fell 14.8% year-on-year to 13.1m ounces while gold production was down 8% to 211,100 ounces.
Glencore was in the red as Goldman Sachs downgraded its stance on the miner's shares to 'neutral' from 'buy' and cut the price target to 320p from 340p following the stock's recent rally.
GS highlighted an absence of catalysts for the stock. "Many investors with whom we have spoken are unwilling to take/build exposure to Glencore while the Department of Justice investigation continues and with no final date set. While the company is continuing with its buyback programme, we believe that this provides downside protection, rather than a tailwind for the stock."
Ocado was also dented by a broker note, as HSBC cut the stock to 'reduce' from 'hold', arguing that the company's pivot to a technology provider had only shifted the risk of the Home Delivery model floundering onto the shoulders of its customers.
Elsewhere, Standard Life Aberdeen, ITV, Aviva and Mondi all retreated as their stock went ex-dividend.
FTSE 100 - Risers
TUI AG Reg Shs (DI) (TUI) 775.60p 8.29%
easyJet (EZJ) 1,129.50p 6.96%
International Consolidated Airlines Group SA (CDI) (IAG) 539.60p 4.78%
Tesco (TSCO) 248.47p 2.55%
Persimmon (PSN) 2,229.27p 2.40%
Royal Bank of Scotland Group (RBS) 259.00p 2.29%
St James's Place (STJ) 1,069.50p 2.05%
Melrose Industries (MRO) 188.00p 2.04%
Paddy Power Betfair (PPB) 6,178.00p 2.01%
Kingfisher (KGF) 254.20p 1.92%
FTSE 100 - Fallers
Fresnillo (FRES) 807.32p -6.19%
Smurfit Kappa Group (SKG) 2,211.00p -4.62%
Standard Life Aberdeen (SLA) 264.45p -4.15%
ITV (ITV) 130.45p -3.66%
Aviva (AV.) 416.20p -3.19%
Mondi (MNDI) 1,754.50p -3.12%
Glencore (GLEN) 322.50p -2.73%
Ocado Group (OCDO) 1,398.50p -2.54%
Antofagasta (ANTO) 996.20p -2.43%
Anglo American (AAL) 2,190.50p -1.59%