FTSE 100 movers: Fresnillo loses its shine; tobacco stocks rally
By Michele Maatouk
Date: Thursday 18 Jul 2019
(Sharecast News) - London's FTSE 100 was down 0.5% at 7,501.53 in afternoon trade on Thursday amid ongoing worries about Sino-US trade relations.
Precious metals miner Fresnillo lost its shine as gold prices softened.
Oanda analyst Craig Erlam said: "Gold is paring Wednesday's gains early in the session and remains in consolidation mode, despite once again finding itself towards the upper end of its range. Softness in the dollar, driven primarily by a more accommodative Fed and in part by the prospects of the US actively devaluing the greenback, has provided a dovish case for the yellow metal.
"It's been consolidating recently following a very strong run higher but continues to look bullish as it once again pressures the highs."
Equipment rental firm Ashtead was in the red after US peer United Rentals cut the top of its guidance range on Wednesday, while software company Sage was weaker after German software maker SAP's second-quarter profits missed expectations.
Going the other way, British American Tobacco and Imperial Brands gained ground after Philip Morris International posted better-than-expected second-quarter earnings and revenue and lifted its full-year forecast.
Vodafone rallied as the European Commission approved its €18bn bid for Liberty Global's cable networks in Germany and central Europe.
The decision by the European Commission comes after Vodafone offered up some concessions in May and following an in-depth investigation of the proposed deal, which will see Vodafone buy Liberty Global's business in the Czech Republic, Hungary, Romani and Germany
Elsewhere, SSE ticked higher after reiterating its outlook for 2019/20 despite "some short-term challenges".
FTSE 100 - Risers
British American Tobacco (BATS) 3,039.50p 3.91%
Persimmon (PSN) 1,983.50p 1.69%
Imperial Brands (IMB) 2,127.50p 1.48%
Taylor Wimpey (TW.) 165.95p 1.47%
Vodafone Group (VOD) 127.68p 1.27%
ITV (ITV) 109.00p 1.11%
Severn Trent (SVT) 2,026.00p 1.05%
Royal Bank of Scotland Group (RBS) 231.30p 1.00%
SSE (SSE) 1,164.50p 1.00%
Associated British Foods (ABF) 2,341.00p 0.91%
FTSE 100 - Fallers
Fresnillo (FRES) 817.40p -8.67%
Johnson Matthey (JMAT) 3,052.00p -4.74%
Ashtead Group (AHT) 2,192.00p -3.27%
Croda International (CRDA) 4,774.00p -2.57%
TUI AG Reg Shs (DI) (TUI) 765.60p -2.05%
Sage Group (SGE) 801.80p -1.96%
Intertek Group (ITRK) 5,512.00p -1.92%
BP (BP.) 518.70p -1.76%
International Consolidated Airlines Group SA (CDI) (IAG) 454.70p -1.75%
Melrose Industries (MRO) 183.60p -1.74%
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