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FTSE 100 movers: Fresnillo shines; Imperial Brands in the red

15:07, 20th May 2024

London's FTSE 100 was up 0.1% at 8,429.01 in afternoon trade on Monday.
Precious metals miner Fresnillo was the standout gainer as gold and silver prices jumped.

Neil Wilson, chief market analyst at Finalto, said: "Gold hit a fresh all-time high and silver jumped to $32, its highest in 11 years. Expectations the Fed will cut rates soon is helping but real rates are nothing like as low as they once were. There is a clear geopolitical premium since October 7th and the death of the Iranian president may have driven some news-flow-based trade - bound to be some of that involved overnight.

"More importantly perhaps China has been a big buyer as the PBOC cuts Treasury holdings in favour of gold. Silver - I wondered last week if the meme stock resurfacing would prompt a move as it did in 2021 - cannot discount it, or at least shorts closing out in fear. It's also because of the move in gold and closing the gap in the gold silver ratio."

Budget airline easyJet flew lower after peer Ryanair reported higher annual profits but warned that summer airfares would be softer than anticipated. Profit after tax climbed 34%to €1.9bn in the 12 months to March 30 as demand rose 9% to 184 million passengers. Revenue jumped 25% to €13.4bn.

Imperial Brands fell after Jefferies lifted its target price on the shares following a strong set of first-half results but maintained a 'hold' rating, saying that pressures are building for the company.

FTSE 100 - Risers

Fresnillo (FRES) 640.00p 4.07%
Weir Group (WEIR) 2,190.00p 3.30%
Rolls-Royce Holdings (RR.) 430.80p 3.04%
Entain (ENT) 741.60p 2.71%
Centrica (CNA) 147.15p 1.80%
Kingfisher (KGF) 264.90p 1.65%
JD Sports Fashion (JD.) 123.50p 1.65%
Ashtead Group (AHT) 5,854.00p 1.56%
Haleon (HLN) 333.20p 1.28%
Lloyds Banking Group (LLOY) 56.22p 1.26%

FTSE 100 - Fallers

easyJet (EZJ) 475.80p -3.06%
Sage Group (SGE) 1,078.00p -2.53%
Burberry Group (BRBY) 1,076.50p -2.14%
Compass Group (CPG) 2,227.00p -1.29%
Prudential (PRU) 809.00p -1.25%
Scottish Mortgage Inv Trust (SMT) 877.20p -1.15%
Frasers Group (FRAS) 818.50p -1.15%
Reckitt Benckiser Group (RKT) 4,547.00p -1.00%
Imperial Brands (IMB) 1,946.00p -0.99%
Ocado Group (OCDO) 359.80p -0.91%


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