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FTSE 100 movers: JD Sports under the cosh; miners rally
(Sharecast News) - London's FTSE 100 was down 0.2% at 7,589.86 in afternoon trade on Tuesday. JD Sports was under the cosh after the Competition and Markets Authority said that it had provisionally concluded that JD and rival retailer Elite Sports fixed the retail prices of a number of Rangers-branded replica kits and other clothing products from September 2018 until at least July 2019.
Retailers more generally were in the red after the latest data from the British Retail Consortium showed retail sales fell in May as the cost-of-living crisis and soaring inflation squeezed consumers further. B&Q owner Kingfisher, online supermarket Ocado, discount retailer B&M European Value Retail and Next were all down.
On the upside, Rio Tinto and Anglo American were both higher after Jefferies upgraded its rating on the miners to 'buy' from 'hold' and hiked the price targets, arguing that the sector was undervalued and poised to recover.
"We had expected a demand soft patch to lead to a period of lower commodity prices, with a shift in policy needed to spark a gradual recovery in Chinese demand," the bank said. "That shift is arguably here. While macro risks are clearly elevated and mining shares should be volatile, the sector is undervalued and poised to outperform as China recovers."
FTSE 100 - Risers
Melrose Industries (MRO) 140.10p 1.67% Rio Tinto (RIO) 6,040.00p 1.41% British Land Company (BLND) 536.20p 1.17% British American Tobacco (BATS) 3,566.50p 0.96% Airtel Africa (AAF) 158.00p 0.89% BP (BP.) 444.30p 0.87% GSK (GSK) 1,706.20p 0.66% Anglo American (AAL) 3,992.50p 0.66% AstraZeneca (AZN) 10,138.00p 0.66% Shell (SHEL) 2,406.00p 0.48%
FTSE 100 - Fallers
JD Sports Fashion (JD.) 115.45p -6.33% Kingfisher (KGF) 254.10p -4.76% Ocado Group (OCDO) 909.60p -4.39% Intermediate Capital Group (ICP) 1,536.50p -3.91% 3i Group (III) 1,203.00p -3.76% Scottish Mortgage Inv Trust (SMT) 768.60p -3.71% B&M European Value Retail S.A. (DI) (BME) 369.30p -3.55% Next (NXT) 6,272.00p -3.51% Rightmove (RMV) 575.20p -3.13% Howden Joinery Group (HWDN) 671.00p -2.87%
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