Upgrade Now

FTSE 100 movers: Miners rally as metals prices rise; Rightmove retreats on downgrade

By Michele Maatouk

Date: Monday 18 Mar 2019

FTSE 100 movers: Miners rally as metals prices rise; Rightmove retreats on downgrade

(Sharecast News) - London's FTSE 100 was up 0.9% to 7,290.37 in afternoon trade on Monday as investors mulled the possibility of a third meaningful vote on Theresa May's Brexit deal.
Sainsbury's shares gained. CMC Markets analyst Michael Hewson noted that the rally comes on the day senior management met with the Competition and Markets Authority for the first time since the regulator ruled against the Asda merger.

"The CMA's rather dubious view was that the merger would lead to higher prices," he said. "Sainsbury management have pushed back on that as well as arguing that Marks and Spencer misled the regulator about its upcoming deal with Ocado, when it said it had no plans to evolve its on line delivery operations, only weeks before the announcement of the deal was made."

Miners Rio Tinto, BHP, Glencore and Antofagasta were among the top gainers as copper and iron ore prices rose.

Hewson said: "The gain in mining stocks has been helped by a Brazilian court ordering mining giant Vale to shut one of its mines, raising concerns about a supply shortage, which has helped push iron ore prices sharply higher."

Glencore investors shrugged off reports that its offices in Mumbai have been raided by the Indian competition regulator as part of an investigation into alleged price fixing.

Meanwhile, full-year results are due from Chilean copper miner Antofagasta on Tuesday.

On the downside, Rightmove was in the red as UBS downgraded the stock to 'neutral' from 'buy' on valuation grounds.

EasyJet flew lower after saying it has decided to withdraw from a consortium set up to consider bidding for bankrupt Alitalia.

"Following discussions with Ferrovie dello Stato Italiane and Delta Air Lines about forming a consortium to explore options for the future operations of Alitalia, EasyJet has taken the decision to withdraw from the process," the budget airline said in a statement.

FTSE 100 - Risers

Sainsbury (J) (SBRY) 232.02p 3.67%
Rio Tinto (RIO) 4,253.50p 2.47%
BHP Group (BHP) 1,760.60p 2.44%
Tesco (TSCO) 234.40p 2.18%
British American Tobacco (BATS) 3,139.50p 1.95%
Glencore (GLEN) 311.15p 1.87%
WPP (WPP) 867.60p 1.83%
Antofagasta (ANTO) 940.40p 1.82%
3i Group (III) 966.20p 1.79%
Evraz (EVR) 629.10p 1.73%

FTSE 100 - Fallers

Paddy Power Betfair (PPB) 5,855.00p -1.51%
Melrose Industries (MRO) 185.35p -1.41%
Whitbread (WTB) 5,054.00p -1.17%
Just Eat (JE.) 734.20p -1.13%
Rightmove (RMV) 495.50p -1.02%
Admiral Group (ADM) 2,165.00p -1.01%
International Consolidated Airlines Group SA (CDI) (IAG) 543.20p -0.98%
NMC Health (NMC) 2,630.00p -0.98%
easyJet (EZJ) 1,247.00p -0.95%
Schroders (SDR) 2,721.00p -0.84%

..

Email this article to a friend

or share it with one of these popular networks:


Top of Page