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FTSE 100 movers: Miners rally; housebuilders in the red
(Sharecast News) - London's FTSE 100 was flat at 8,756.23 in afternoon trade on Tuesday. Heavily-weighted miners Glencore and Antofagasta were among the top gainers as copper prices advanced.
National Grid also rose after Ofgem said it has given the provisional green light to an initial £24bn investment programme to enhance energy security "while enabling the transmission of more clean energy from renewable sources".
An initial £8.9bn in funding has been approved for the electricity transmission sector to upgrade grid, with National Grid set to receive £4.2bn.
On the downside, housebuilders Persimmon, Barratt Redrow and Taylor Wimpey all fell after data from Nationwide showed that house prices unexpectedly declined on the month in June, by 0.8%, following 0.4% growth in May. Analysts were expecting a 0.2% jump.
On the year, house price growth slowed to 2.1% last month from 3.5% in May.
The average price of a home stood at £271,619 in June, versus £273,427 a month earlier.
Standard Chartered slumped amid news the bank is facing a $2.7bn lawsuit as liquidators allege it helped to enable the laundering of billions of dollars misappropriated from Malaysian sovereign wealth fund 1MDB.
Supermarket chain Sainsbury's was also weaker even as it backed its full-year profit guidance and reported a sharp jump in first-quarter like-for-like sales as consumers tucked into its new range of 'Taste the Difference' products including Spanish jamón croquetas.
FTSE 100 - Risers
Smurfit Westrock (DI) (SWR) 3,245.00p 3.28% Glencore (GLEN) 289.35p 2.03% Compass Group (CPG) 2,513.00p 1.86% Vodafone Group (VOD) 79.18p 1.80% Whitbread (WTB) 2,871.00p 1.70% JD Sports Fashion (JD.) 90.22p 1.67% Fresnillo (FRES) 1,464.00p 1.67% Antofagasta (ANTO) 1,835.50p 1.44% National Grid (NG.) 1,074.50p 1.22% Severn Trent (SVT) 2,765.00p 1.13%
FTSE 100 - Fallers
Convatec Group (CTEC) 275.80p -4.37% Melrose Industries (MRO) 515.40p -2.90% Persimmon (PSN) 1,264.00p -2.47% Barratt Redrow (BTRW) 444.70p -2.46% Taylor Wimpey (TW.) 115.90p -2.40% Standard Chartered (STAN) 1,179.50p -2.28% NATWEST GROUP (NWG) 500.40p -2.15% Sainsbury (J) (SBRY) 284.60p -1.79% Ashtead Group (AHT) 4,587.00p -1.76% Babcock International Group (BAB) 1,128.00p -1.74%
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