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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

FTSE 100 movers: StanChart and Prudential rally on China news

(Sharecast News) - London's FTSE 100 was up 0.1% at 7,497.75 in afternoon trade on Tuesday. Asia-focused Standard Chartered and Prudential rallied following a report that Chinese authorities are considering a package of measures aimed at stabilising the stock markets.

According to Bloomberg, policymakers are looking to mobilise about 2 trillion yuan, mainly from the offshore accounts of Chinese state-owned enterprises, as part of a stabilisation fund to buy shares onshore through the Hong Kong exchange link.

Prudential also got a lift as JPMorgan Cazenove reiterated its 'overweight' rating on the shares, saying concerns about the stock reflect fear rather than fundamentals.

The bank noted that Prudential is trading at a valuation last seen saw at the start of the pandemic, when one of its main markets, Hong Kong, saw a closure of a vast proportion of its business, and at a time when there was deep investor scepticism about the separation of its US life insurance business.

"This largely reflects concern about the Chinese economy, as well as a number of other factors such as the growth outlook, asset and capital risk," it said. "However, we think many of these concerns reflect fear rather than fundamentals."

Miners Anglo American and Rio Tinto were also boosted by the news on China.

FTSE 100 - Risers

Ocado Group (OCDO) 583.00p 3.81% Standard Chartered (STAN) 600.20p 3.38% Anglo American (AAL) 1,795.40p 2.52% Prudential (PRU) 813.00p 2.08% International Consolidated Airlines Group SA (CDI) (IAG) 147.80p 1.93% WPP (WPP) 741.60p 1.87% Rio Tinto (RIO) 5,385.00p 1.83% Smurfit Kappa Group (CDI) (SKG) 2,930.00p 1.74% St James's Place (STJ) 659.40p 1.67% JD Sports Fashion (JD.) 116.60p 1.66%

FTSE 100 - Fallers

Rolls-Royce Holdings (RR.) 301.50p -2.40% CRH (CDI) (CRH) 5,442.00p -1.84% Compass Group (CPG) 2,126.00p -1.80% Admiral Group (ADM) 2,513.00p -1.80% British American Tobacco (BATS) 2,296.50p -1.63% Unite Group (UTG) 992.00p -1.49% London Stock Exchange Group (LSEG) 9,070.00p -1.48% Haleon (HLN) 319.25p -1.47% AstraZeneca (AZN) 10,436.00p -1.45% InterContinental Hotels Group (IHG) 7,394.00p -1.28%

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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