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FTSE 100 movers: Miners rally as commodity prices recover; St James's Place slides
(Sharecast News) - London's FTSE 100 was up 0.9% at 10,444.18 in afternoon trade on Wednesday. Miners Antofagasta, Anglo American and Rio Tinto all rallied, along with precious metals miner Fresnillo and oil giant BP.
Russ Mould, investment director at AJ Bell, said: "A recovery in commodity prices after the recent volatility helped give the miners and energy stocks a lift. Oil was supported by US-Iran nuclear deal uncertainty, while gold moved back through $5,000 per ounce."
On the downside, wealth manager St James's Place tumbled after US wealth platform and custodian Altruist unveiled a new AI tax planning tool.
Altruist said the new capability helps advisors create fully personalised tax strategies for clients by reading and interpreting their 1040s, paystubs, account statements, meeting notes, emails, and custodial and CRM data, and applying deep tax logic to the analysis. "All of this is done within minutes," it said.
Susannah Streeter, chief investment strategist at Wealth Club, said: "The worry is that this is just the tip of the iceberg and fresh efficiencies will be unleashed by AI to disrupt the financial advice and investment industry and reduce the fees which can be charged. As the AI cards are shuffled, the pile of potential losers is mounting up, and speculation about which sector will be hit next is rife."
Relx, Sage Group, Experian and Pearson also fell again as worries about the impact of AI on the software sector resurfaced.
Barratt Redrow fell as it reiterated full-year guidance despite subdued market conditions, following a "resilient" first half.
FTSE 100 - Risers
Smurfit Westrock (DI) (SWR) 3,554.00p 8.55% Antofagasta (ANTO) 3,901.00p 6.94% AstraZeneca (AZN) 14,674.00p 3.60% Fresnillo (FRES) 3,928.00p 3.37% Coca-Cola HBC AG (CDI) (CCH) 4,620.00p 3.17% Anglo American (AAL) 3,694.00p 3.16% Rio Tinto (RIO) 7,302.00p 3.09% Ashtead Group (AHT) 5,154.00p 3.08% BP (BP.) 462.10p 3.07% Persimmon (PSN) 1,476.00p 3.00%
FTSE 100 - Fallers
St James's Place (STJ) 1,268.00p -12.49% Relx plc (REL) 2,039.00p -4.99% Barratt Redrow (BTRW) 375.00p -3.60% The Sage Group (SGE) 818.20p -3.26% Flutter Entertainment (DI) (FLTR) 11,025.00p -3.12% Experian (EXPN) 2,403.00p -2.99% Entain (ENT) 610.80p -2.68% Compass Group (CPG) 2,055.00p -2.28% Intertek Group (ITRK) 4,452.00p -2.07% Pearson (PSON) 888.40p -1.92%
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