FTSE 100 movers: Oil majors track crude prices lower, mining stocks drop

15th Oct 2024 14:27

(Sharecast News) - A plunge in the price of oil on Tuesday was simultaneously lifting shares in the airline sector and dampening energy stocks, while mining names were tracking copper lower.

Brent crude was down 4.3% at $74.16 a barrel, falling more than $3 on the day after a report claimed Israel would strike at Iranian military installations instead of its energy facilities. Oil prices have been volatile in recent weeks on concerns that an escalation of conflict could hamper supply from the oil-rich nation.

Airline peers IAG and easyJet were topping the risers list as the outlook for fuel costs brightened, while oil majors Shell and BP declined.

Also lower was the heavyweight mining sector, with heavy falls from Glencore, Anglo American, Antofagasta and Rio Tinto as copper futures fell 1.2% at $4.35 a pound due to a strong US dollar and concerns over the Chinese economy.

Housebuilders were performing well, such as Barratt Redrow, Persimmon and Taylor Wimpey after FTSE 250 peer Bellway impressed with its outlook statement alongside its full-year results. The company predicted a "material increase in volume output" this year amid an improving macreconomic backdrop.

Banking stocks were mostly higher on the back of positive comments from broker Jefferies, which upgraded NatWest from 'underperform' to 'buy' and reiterated a 'buy' recommendation on domestic favourite Lloyds.

FTSE 100 - Risers

International Consolidated Airlines Group SA (CDI) (IAG) 207.50p 4.40%

easyJet (EZJ) 517.60p 3.07%

Barratt Redrow (BTRW) 471.60p 2.70%

Persimmon (PSN) 1,643.50p 2.65%

Relx plc (REL) 3,689.00p 2.36%

Diploma (DPLM) 4,422.00p 2.17%

United Utilities Group (UU.) 1,073.00p 2.09%

Taylor Wimpey (TW.) 159.70p 1.88%

Rolls-Royce Holdings (RR.) 548.40p 1.82%

Severn Trent (SVT) 2,640.00p 1.81%

FTSE 100 - Fallers

BP (BP.) 391.85p -4.05%

Croda International (CRDA) 3,811.00p -3.59%

Glencore (GLEN) 406.50p -3.34%

Shell (SHEL) 2,503.50p -3.32%

Anglo American (AAL) 2,228.50p -3.26%

Antofagasta (ANTO) 1,822.00p -3.16%

Smurfit Westrock (DI) (SWR) 3,380.00p -2.14%

Prudential (PRU) 668.40p -2.08%

Mondi (MNDI) 1,420.50p -1.83%

Rio Tinto (RIO) 5,051.00p -1.62%