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FTSE 100 movers: REITs and housebuilders rally; Fresnillo loses its shine
(Sharecast News) - London's FTSE 100 was down 0.9% at 10,035.57 in afternoon trade on Wednesday.
Precious metals miner Fresnillo was the biggest loser on the index as gold prices retreated.
Oil giant BP gushed lower as oil prices fell after US President Donald Trump said Venezuela will be "turning over" up to 50 million barrels of oil to the US to be sold at its market price.
NatWest was under the cosh after Barclays downgraded the shares to 'equalweight' from 'overweight' as it paused for breath and waited for consensus to catch up on capital. Barclays kept its price target on NatWest unchanged at 700p.
"While we continue to see sector-leading shareholder returns potential (through book growth and dividends), at an undemanding 8x forward PE, we pause for breath following what has ultimately been a strong run in the shares since late-23 lows (up 280% versus Lloyds 150%) as we wait for consensus to catch up on capital," it said.
REITs and housebuilders were the top performers amid falling gilt yields, with LondonMetric, Land Securities, British Land, Barratt Redrow and Persimmon all up.
Vodafone rallied after Berenberg upgraded the stock to 'buy' from 'hold' and lifted the price target to 119p from 82p.
The bank said it was raising its long-term free cash flow forecasts for the company following its recent strong Q2/H1 2026 results.
Berenberg said it believes that Vodafone can now deliver sustainable free cash flow and dividend growth in the coming years.
"Furthermore, the company has substantial future capacity for value-creation opportunities (eg further share buybacks and small bolt-on M&A), with an increasingly robust balance sheet (circa €1bn is expected to be received in the coming days from Zegona Communications' share cancellation)," it said.
Berenberg also said it was increasingly confident Vodafone can execute well in its core markets.
FTSE 100 - Risers
LondonMetric Property (LMP) 194.80p 3.12% Land Securities Group (LAND) 641.50p 2.72% IMI (IMI) 2,602.00p 2.68% Babcock International Group (BAB) 1,424.00p 2.59% Relx plc (REL) 3,157.00p 2.57% Vodafone Group (VOD) 103.05p 2.54% Barratt Redrow (BTRW) 381.90p 2.47% British Land Company (BLND) 414.80p 2.42% Persimmon (PSN) 1,385.00p 2.33% BAE Systems (BA.) 1,925.00p 2.31%
FTSE 100 - Fallers
Fresnillo (FRES) 3,430.00p -6.74% Flutter Entertainment (DI) (FLTR) 15,590.00p -6.08% Burberry Group (BRBY) 1,289.00p -5.22% Antofagasta (ANTO) 3,388.00p -4.35% Diageo (DGE) 1,576.00p -4.14% Anglo American (AAL) 3,125.00p -4.05% easyJet (EZJ) 502.00p -3.87% BP (BP.) 416.05p -3.66% NATWEST GROUP (NWG) 636.60p -3.63% Entain (ENT) 746.60p -3.27%
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