FTSE 100 movers: Miners shine; Utilities slide
By Frank Prenesti
Date: Wednesday 17 Apr 2024
(Sharecast News) - FTSE 100 (UKX) 7,866.79 0.59%
UK stocks were rising on Wednesday morning, rebounding slightly as investors went bargain-hunting after the FTSE 100 dropped to a four-week low the previous session.
Fading hopes of imminent interest-rate cuts in the UK and US - in light of recent strong economic data - have been dampening sentiment across stock markets, along with rising tensions in the Middle East as Israel vows to respond to a missile and drone attack from Iran.
Comments from Federal Reserve chair Jerome Powell the previous evening will likely be weighing on investors' minds on Wednesday morning, after the head of the US central bank needed more confidence that inflation was on a downward trend before cutting interest rates. "Right now, given the strength of the labour market and progress on inflation so far, it's appropriate to allow restrictive policy further time to work," he said.
Mining stocks headlined the FTSE 100 risers list early on, with Rio Tinto and Anglo American among the best performers. Rio Tinto announced on Wednesday that it was holding on to annual production guidance, despite a sharp fall in first-quarter iron ore shipments and production; while Anglo reported an improvement in rough diamond sales in the latest sales cycle at its De Beers division.
Sector peer Antofagasta was also higher after reiterating its full-year output targets even after a 11% drop in copper production in the first quarter. Glencore and Fresnillo were also performing well.
Stocks in defensive sectors such as utilities weakened as investor risk appetite returned, with SSE, Severn Trent and United Utilities among the worst performers on the FTSE 100.
Market Movers
FTSE 100 - Risers
Anglo American (AAL) 2,169.00p 3.53%
Fresnillo (FRES) 603.00p 3.17%
Rio Tinto (RIO) 5,404.00p 2.85%
Antofagasta (ANTO) 2,270.00p 2.81%
St James's Place (STJ) 411.00p 2.24%
Croda International (CRDA) 4,935.00p 2.17%
Ocado Group (OCDO) 350.30p 2.16%
JD Sports Fashion (JD.) 119.25p 2.01%
Burberry Group (BRBY) 1,157.00p 1.94%
Lloyds Banking Group (LLOY) 50.66p 1.93%
FTSE 100 - Fallers
Flutter Entertainment (DI) (FLTR) 14,750.00p -1.67%
GSK (GSK) 1,586.50p -1.49%
Mondi (MNDI) 1,359.50p -1.24%
Scottish Mortgage Inv Trust (SMT) 824.80p -1.17%
Pershing Square Holdings Ltd NPV (PSH) 3,846.00p -1.13%
Melrose Industries (MRO) 626.20p -0.85%
Sage Group (SGE) 1,153.50p -0.82%
Phoenix Group Holdings (PHNX) 481.20p -0.74%
Halma (HLMA) 2,188.00p -0.73%
SEGRO (SGRO) 839.00p -0.69%
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN