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FTSE 100 movers: BP and Antofagasta gain on optimism around China

By Frank Prenesti

Date: Monday 23 Jan 2023

FTSE 100 movers: BP and Antofagasta gain on optimism around China

(Sharecast News) - BP lent its heft to gains on the top-flight index as crude oil futures advanced on the back of the latest mobility figures out of the People's Republic of China over the Lunar New Year the day before.
At 1548 GMT, front-dated Brent was trading higher by 0.77% to $88.4 a barrel on the ICE.

One of the main talking points of Monday's session was what the impact might be of the European Union's sanctions on Russian diesel which were due to come into effect in February.

Persimmon, Associated British Foods and Antofagasta were all higher on positive broker commentary.

In the case of ABF, Deutsche Bank upgraded the shares from 'hold' to 'buy', telling clients that the 2022 headwinds from rising energy costs and foreign exchange rates were reversing.

Antofagasta meanwhile benefitted from a target price revision out of BofA from 1,500.0p to 1,1,760.0p.

"On the demand side, the secular theme of "decarbonization means increased metal intensity" is starting to play out," they said in a research note sent to clients.

"A pick-up (particularly) in China grid investment has more than offset the slowdown in property and is expected to accelerate in 2023. We do expect upside potential in the copper price to continue "from here"."

Headed in the other direction, defensive names including AstraZeneca, Severn Trent, National Grid, Centrica, SSE and United Utilities were all lower.

Market Movers

FTSE 100 (UKX) 7,785.36 0.19%
FTSE 250 (MCX) 19,804.60 0.52%
techMARK (TASX) 4,461.28 0.11%

FTSE 100 - Risers

Ocado Group (OCDO) 735.00p 3.84%
Scottish Mortgage Inv Trust (SMT) 747.60p 1.85%
Persimmon (PSN) 1,398.00p 1.78%
Associated British Foods (ABF) 1,855.50p 1.59%
Barratt Developments (BDEV) 452.10p 1.57%
Smith (DS) (SMDS) 351.50p 1.50%
Admiral Group (ADM) 2,126.00p 1.48%
JD Sports Fashion (JD.) 159.30p 1.46%
Melrose Industries (MRO) 145.20p 1.40%
Taylor Wimpey (TW.) 114.50p 1.37%

FTSE 100 - Fallers

Fresnillo (FRES) 870.40p -5.02%
Endeavour Mining (EDV) 1,930.00p -2.53%
St James's Place (STJ) 1,209.00p -2.11%
Croda International (CRDA) 6,910.00p -1.90%
London Stock Exchange Group (LSEG) 7,350.00p -1.87%
Hiscox Limited (DI) (HSX) 1,104.00p -1.74%
Informa (INF) 656.00p -1.32%
SSE (SSE) 1,732.00p -1.06%
Airtel Africa (AAF) 114.40p -0.87%
Beazley (BEZ) 637.00p -0.86%


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