FTSE 100 movers: BT hit as CityFibre strikes deal with Sky; Fresnillo shines

20th Aug 2024 14:07

(Sharecast News) - London's FTSE 100 was down 1% at 8,276.04 in afternoon trade on Tuesday.

BT Group was under the cosh after competitor CityFibre announced a long-term broadband partnership with Sky.

Under the new agreement, Sky will offer its broadband to people on CityFibre's nationwide full fibre network.

BP was also in the red as oil prices neared their lowest levels this year amid hopes of a ceasefire in Gaza.

Heavily-weighted miners were on the rise, with Glencore and Rio Tinto both up as copper prices edged higher.

Precious metals miner Fresnillo shone as gold prices hit a new all-time high amid growing expectations of US rate cuts in September and after the People's Bank of China issued new import quotas.

Spot gold jumped above $2,525 an ounce earlier in the day, surpassing Friday's record high.

John Meyer, partner and head of research at SP Angel said Chinese exporters and traders have been seen rushing to buy yuan and probably gold "in anticipation of further US dollar weakness".

In addition, the yellow metal has been buoyed by Chinese buying after the PBoC cracked down on local government bond buying, he said.

Looking forward, Meyer said investors are awaiting comments from the Jackson Hole meeting where Federal Reserve governors are expected to comment on the potential for rate easing from September.

FTSE 100 - Risers

Glencore (GLEN) 412.60p 2.17%

Scottish Mortgage Inv Trust (SMT) 869.00p 1.59%

Rio Tinto (RIO) 4,801.50p 1.25%

Taylor Wimpey (TW.) 163.55p 1.24%

Rightmove (RMV) 538.40p 1.20%

Fresnillo (FRES) 551.50p 1.10%

International Consolidated Airlines Group SA (CDI) (IAG) 173.45p 0.76%

Sage Group (SGE) 1,022.50p 0.69%

easyJet (EZJ) 438.60p 0.55%

Haleon (HLN) 371.80p 0.43%

FTSE 100 - Fallers

BT Group (BT.A) 134.60p -7.55%

Burberry Group (BRBY) 679.80p -3.25%

Spirax Group (SPX) 7,360.00p -2.77%

Convatec Group (CTEC) 231.20p -2.53%

SEGRO (SGRO) 873.80p -2.48%

B&M European Value Retail S.A. (DI) (BME) 438.60p -2.38%

Frasers Group (FRAS) 843.50p -2.26%

BP (BP.) 432.15p -2.24%

JD Sports Fashion (JD.) 126.15p -2.10%

Vodafone Group (VOD) 73.98p -2.01%