FTSE 100 movers: Fresnillo shines; M&S drops as Ocado JV completes
London's FTSE 100 was down 2.4% at 7,226.92 in afternoon trade on Monday amid ongoing concerns about Sino-US trade relations.
Asia-focused insurer Prudential was weaker amid unrest in Hong Kong, while Marks & Spencer was in the red as it and Ocado said they had completed their joint venture arrangements.
The companies also announced that Melanie Smith, currently strategy director at M&S, has been appointed as chief executive officer of the JV.
Hargreaves Lansdown was under pressure ahead of its full-year results on Thursday, while Anglo American lost ground as copper and iron ore prices retreated.
Going the other way, precious metals miner Fresnillo was one of the few stocks in the green, with gold prices on the rise as investors opted for somewhere safe to park their cash.
British Airways and Iberia parent IAG also racked up some gains as JPMorgan Cazenove reiterated it as its 'top pick' in the European airlines sector, rated at 'overweight'.
JPM noted that the shares fell 22% in the three months leading up to its results last week due to profits warnings from the likes of Ryanair and Lufthansa, Brexit worries and the threat of strikes by BA staff. However, the group's second-quarter results were "very solid", JPM said, as it delivered earnings before interest and tax 5% ahead of company-compiled consensus and reiterated its FY19 guidance.
It increased its FY19E EBIT and earnings per share estimates by 2%, staying slightly below guidance "to be prudent". JPM also trimmed its FY20-21 EPS estimates by 3-4% per annum, "just to put some buffer in for uncertain times".
FTSE 100 - Risers
Fresnillo (FRES) 643.40p 5.30%
International Consolidated Airlines Group SA (CDI) (IAG) 451.80p 0.80%
Next (NXT) 5,962.00p 0.61%
RSA Insurance Group (RSA) 537.60p -0.52%
Croda International (CRDA) 4,644.00p -0.68%
Whitbread (WTB) 4,303.00p -0.72%
Rentokil Initial (RTO) 435.30p -0.73%
Associated British Foods (ABF) 2,398.00p -0.75%
ITV (ITV) 105.90p -0.80%
Tesco (TSCO) 218.80p -0.86%
FTSE 100 - Fallers
Prudential (PRU) 1,512.00p -5.53%
Micro Focus International (MCRO) 1,644.80p -5.46%
Marks & Spencer Group (MKS) 190.40p -5.27%
Hargreaves Lansdown (HL.) 1,944.50p -4.82%
Taylor Wimpey (TW.) 148.05p -4.76%
JD Sports Fashion (JD.) 585.80p -4.62%
Smith (DS) (SMDS) 323.90p -4.23%
Melrose Industries (MRO) 172.00p -4.07%
Schroders (SDR) 2,900.00p -3.97%
Anglo American (AAL) 1,813.40p -3.75%