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FTSE 100 movers: Antofagasta gains; AB Foods hit by downgrade
(Sharecast News) - London's FTSE 100 was up 1% at 9,742.95 in afternoon trade on Monday. Chilean copper miner Antofagasta was the standout gainer on the index despite a raft of weak Chinese data.
Luxury fashion brand Burberry shot higher on news that China is set to increase financial support for key consumption areas, with a focus on consumer finance services for durable goods and digital products.
Hikma Pharmaceuticals fell as it said its chief executive has stepped down just over a month after the blue chip warned on profits.
Hikma said Riad Mishlawi - who has been with the business for 35 years, the last two of which as chief executive - was leaving by mutual agreement. He will be replaced by former incumbent and current executive chair Said Darwazah.
Associated British Foods slumped after Jefferies downgraded the Primark owner to 'underperform' from 'hold' and cut the price target to 1,800p from 2,000p. It said it sees "more pressing concerns", with Primark's challenges likely to continue.
Tesco was also weaker after a downgrade to 'hold' from 'buy' at Jefferies.
The bank said there was a potential mismatch developing between consensus like-for-like sales and a more muted spending environment. "This more cautious view prevents us arguing for further multiples expansion at Tesco/Next after their justifiable year-to-date rerating," it said.
FTSE 100 - Risers
Antofagasta (ANTO) 3,032.00p 3.41% Burberry Group (BRBY) 1,312.50p 3.14% International Consolidated Airlines Group SA (CDI) (IAG) 415.40p 2.90% Prudential (PRU) 1,103.00p 2.84% Bunzl (BNZL) 2,206.00p 2.60% The Sage Group (SGE) 1,099.50p 2.57% Airtel Africa (AAF) 314.80p 2.54% Phoenix Group Holdings (PHNX) 693.50p 2.51% Auto Trader Group (AUTO) 616.80p 2.46% Hiscox Limited (DI) (HSX) 1,381.00p 2.37%
FTSE 100 - Fallers
Smurfit Westrock (DI) (SWR) 2,804.00p -1.09% Hikma Pharmaceuticals (HIK) 1,501.00p -0.99% Associated British Foods (ABF) 2,070.00p -0.77% Reckitt Benckiser Group (RKT) 5,958.00p -0.70% BAE Systems (BA.) 1,689.00p -0.68% Barratt Redrow (BTRW) 357.30p -0.42% Smith & Nephew (SN.) 1,210.50p -0.41% Rightmove (RMV) 532.20p -0.30% Babcock International Group (BAB) 1,245.00p -0.24% Persimmon (PSN) 1,302.00p -0.23%
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