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FTSE 100 movers: Housebuilders hit by Crest Nicholson warning; oil shares rally
(Sharecast News) - London's FTSE 100 was up 0.4% at 7,290.19 in afternoon trade on Monday. Oil giants BP and Shell were among the top gainers.
Russ Mould, investment director at AJ Bell, said: "Rate cuts [in China] did not go as far as anticipated but nonetheless oil and gas stocks were among the risers in London on the potential implications for demand of easier monetary policy in China."
Retailers B&M and JD Sports were also higher after RBC Capital Markets reiterated its positive stance on the stocks.
On the downside, housebuilders Taylor Wimpey, Persimmon, Berkeley and Barratt were the worst performers on the index after a profit warning from FTSE 250 peer Crest Nicholson.
Crest Nicholson tumbled as it lowered annual profit forecasts after a worsening of the housing market amid rising inflation and interest rates.
The company said it expected annual profits to be around £50m in a "challenging" market, down from prior forecasts of £73m, but predicted a fall in interest and inflation rates over the medium term.
FTSE 100 - Risers
InterContinental Hotels Group (IHG) 5,952.00p 2.13% BP (BP.) 483.25p 2.07% Tesco (TSCO) 254.70p 2.00% Convatec Group (CTEC) 222.60p 1.92% Pershing Square Holdings Ltd NPV (PSH) 2,948.00p 1.73% Shell (SHEL) 2,395.50p 1.50% International Consolidated Airlines Group SA (CDI) (IAG) 163.15p 1.40% JD Sports Fashion (JD.) 151.65p 1.30% B&M European Value Retail S.A. (DI) (BME) 573.00p 1.24% Glencore (GLEN) 421.00p 1.19%
FTSE 100 - Fallers
Taylor Wimpey (TW.) 108.80p -3.37% Persimmon (PSN) 992.40p -2.90% Berkeley Group Holdings (The) (BKG) 3,897.00p -2.36% Barratt Developments (BDEV) 425.10p -1.96% Ocado Group (OCDO) 746.60p -1.89% Rightmove (RMV) 538.60p -1.68% Auto Trader Group (AUTO) 588.80p -1.54% Land Securities Group (LAND) 578.20p -1.30% Hiscox Limited (DI) (HSX) 974.00p -1.12% Prudential (PRU) 938.20p -0.93%
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