FTSE 100 movers: Miners rally on China news; Melrose hit by downgrade

by | Sep 11, 2023

(Sharecast News) – London’s FTSE 100 was flat at 7,476.49 in afternoon trade on Monday.
Miners Antofagasta, Rio Tinto, Anglo American and Glencore all rallied as metals prices rose on the back of encouraging Chinese data.

Figures released earlier by the National Bureau of Statistics showed that headline consumer price inflation ticked up 0.1% in August from a year earlier following a 0.3% decline in July. Core inflation – which excludes food and fuel prices – was unchanged at 0.8%.

Other data showed that China’s new bank loans rose more than expected in August.

Housebuilders Taylor Wimpey and Persimmon both gained in tandem with Vistry, which said it plans to merge its housebuilding operations with its partnerships business by the end of the year as it set new medium-term earnings targets.

The housebuilder said it was now aiming for return on capital employed of 40%, revenue growth of 5-8% a year and operating profit of £800m with an operating margin of at least 12%.

Vistry posted an 8.4% fall in adjusted half-year pre-tax profits to £174m amid a tough housing market where prices have been falling in response to higher mortgage costs.

On the downside, Melrose Industries was knocked lower by a downgrade to ‘sector perform’ from ‘outperform’ at RBC Capital Markets, which said the valuation was up with events.

FTSE 100 – Risers

Fresnillo (FRES) 588.80p 6.20%
Antofagasta (ANTO) 1,519.50p 3.61%
Rio Tinto (RIO) 4,982.00p 3.05%
Anglo American (AAL) 2,081.00p 2.87%
Glencore (GLEN) 436.50p 2.46%
Smurfit Kappa Group (CDI) (SKG) 3,056.00p 1.93%
M&G (MNG) 196.85p 1.68%
Taylor Wimpey (TW.) 114.85p 1.55%
Persimmon (PSN) 1,033.50p 1.52%
Haleon (HLN) 323.55p 1.47%

FTSE 100 – Fallers

Melrose Industries (MRO) 482.20p -5.60%
AstraZeneca (AZN) 10,448.00p -3.67%
Ocado Group (OCDO) 805.20p -2.61%
Croda International (CRDA) 5,148.00p -1.76%
IMI (IMI) 1,473.00p -1.34%
Rightmove (RMV) 555.80p -1.24%
Ashtead Group (AHT) 5,130.00p -1.16%
Rentokil Initial (RTO) 583.00p -1.02%
Halma (HLMA) 2,155.00p -1.01%
Spirax-Sarco Engineering (SPX) 9,884.00p -1.00%

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