London’s FTSE 100 was up 0.8% at 6,541.89 in afternoon trade on Monday.
Miners were the standout gainers, with Anglo American, Antofagasta, Glencore and BHP all higher.
Mondi also rose after Bank of America Merrill Lynch lifted shares of the packaging group to ‘buy’ from ‘neutral’. Mondi should do well in an inflationary market with a more direct exposure to higher packaging prices and a more stable cost base, BofA said.
JD Sports Fashion was in the red even as RBC Capital Markets upgraded it to ‘outperform’ from ‘sector perform’ and lifted the price target to 950p from 900p as it noted the company has been able to strengthen its position during the pandemic in the “attractive” sportswear category.
Rolls-Royce declined on news it is temporarily closing its jet engine factories for two weeks this summer as it moves to save cash amid the coronavirus pandemic.
Online supermarket Ocado lost ground following a report the UK government is considering a tax raid on companies that have profited from the pandemic.
Smurfit Kappa was hit by a downgrade to ‘neutral’ at BofA.
FTSE 100 – Risers
Anglo American (AAL) 2,585.00p 4.07%
Evraz (EVR) 523.40p 4.01%
Mondi (MNDI) 1,817.00p 3.62%
Antofagasta (ANTO) 1,530.00p 3.27%
Glencore (GLEN) 266.40p 2.78%
London Stock Exchange Group (LSEG) 9,702.00p 2.67%
Standard Chartered (STAN) 460.20p 2.65%
Aveva Group (AVV) 3,719.00p 2.59%
Spirax-Sarco Engineering (SPX) 11,540.00p 2.49%
BHP Group (BHP) 2,092.00p 2.32%
FTSE 100 – Fallers
JD Sports Fashion (JD.) 836.00p -1.97%
Rolls-Royce Holdings (RR.) 92.22p -1.79%
Informa (INF) 515.40p -1.60%
Whitbread (WTB) 3,238.00p -1.28%
SSE (SSE) 1,454.50p -1.05%
Diageo (DGE) 2,976.50p -0.87%
International Consolidated Airlines Group SA (CDI) (IAG) 156.35p -0.82%
Ocado Group (OCDO) 2,786.00p -0.78%
Smurfit Kappa Group (SKG) 3,596.00p -0.72%
Associated British Foods (ABF) 2,275.00p -0.66%
