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FTSE 100 movers: Miners in the black; Persimmon boosted by upgrade
(Sharecast News) - London's FTSE 100 was up 0.5% at 7,779.62 in afternoon trade on Tuesday. Heavily-weighted miners were on the front foot, with Antofagasta, Rio, Anglo American and Glencore all up.
Glencore was also in focus after the mining giant sweetened its offer for Canada's Teck Resources by proposing to add a cash component to its previous all-share bid.
Acknowledging that certain Teck shareholders may prefer a full coal exit and others may not desire thermal coal exposure, Glencore said it would introduce a cash element to buy them out of their coal exposure. This would mean that Teck shareholders would receive 24% of MetalsCo - the combined metals-focused business - and $8.2bn in cash.
Housebuilder Persimmon was boosted by an upgrade to 'equalweight' from 'underweight' at Barclays.
"We believe 2023 consensus is now overly conservative and it's priced for long-term erosion of its historical ROIC outperformance," the bank said.
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