FTSE 100 movers: Fresnillo shines; BAE Systems under the cosh

9th Apr 2024 13:51

(Sharecast News) - London's FTSE 100 was up 0.2% at 7,960.54 in afternoon trade on Tuesday.

Precious metals miner Fresnillo shone as gold prices hit a fresh record high.

Halma was in the black as Barclays upgraded the shares to 'overweight' from 'equalweight' and lifted the price target to 2,650p from 2,425p.

"Against an expected declining interest rate backdrop later this year, bond proxy, high quality, EPS compounders are likely to come more into focus," Barclays said.

In UK Capital Goods, two names fit this criteria, Halma and Spirax Group, it said.

Barclays said that based on its comparative framework its relative preference is for Halma, hence the upgrade.

Miners Rio Tinto and Anglo American advanced as iron ore prices rose. Russ Mould, investment director at AJ Bell, said: "Mining stocks have benefitted from rising iron ore prices amid speculation that demand will improve from Chinese steelmakers.

"The Chinese government is eager to stimulate the economy and there is a hope that its initiatives will feed through into greater steel activity, with iron ore a key raw material."

BAE Systems was under the cosh after Goldman Sachs said in a research note on European defence shares that it sees more downside than upside risk for the sector's valuations approaching 2025.

FTSE 100 - Risers

Fresnillo (FRES) 580.00p 4.32%

Weir Group (WEIR) 2,084.00p 2.66%

Ocado Group (OCDO) 384.80p 2.59%

Ashtead Group (AHT) 5,858.00p 2.13%

St James's Place (STJ) 437.20p 2.10%

Halma (HLMA) 2,294.00p 2.00%

Rio Tinto (RIO) 5,286.00p 1.97%

Anglo American (AAL) 2,190.00p 1.62%

Croda International (CRDA) 4,671.00p 1.61%

WPP (WPP) 748.00p 1.44%

FTSE 100 - Fallers

BAE Systems (BA.) 1,276.50p -4.56%

Rolls-Royce Holdings (RR.) 414.10p -3.50%

Standard Chartered (STAN) 684.60p -2.06%

Pershing Square Holdings Ltd NPV (PSH) 3,986.00p -1.82%

Whitbread (WTB) 3,196.00p -1.69%

Melrose Industries (MRO) 660.60p -1.52%

CRH (CDI) (CRH) 6,672.00p -1.42%

B&M European Value Retail S.A. (DI) (BME) 515.20p -1.34%

Hikma Pharmaceuticals (HIK) 1,820.00p -1.03%

Rightmove (RMV) 529.80p -0.93%