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FTSE 100 movers: Polymetal shines; miners in the red
(Sharecast News) - London's FTSE 100 was up 0.6% at 7,198.92 in afternoon trade on Monday. Anglo-Russian precious metals miner Polymetal was the standout gainer on the index as investors stepped in to bag a bargain after recent heavy losses.
House builder Persimmon surged following a Sunday Telegraph report suggesting that the cost for cladding remediation work could be much less than the £4bn initially estimated. According to the Telegraph, a review commissioned by the House Builders Federation has put the potential cost at lower than £1bn.
Miners were on the back foot as base metals prices fell, with Glencore, Anglo American, Rio and Antofagasta all lower.
Rio was also in focus after the Anglo-Australian miner made a $2.7bn bid to buy the 49% of Canada's Turquoise Hill it doesn't own as it looks to settle its relationship with the Mongolian government over the massive Oyu Tolgoi copper project. Rio is offering 34 Canadian dollars in cash a share, a 32% premium to Turquoise Hill's last closing share price on the Toronto Stock Exchange.
Elsewhere, British American Tobacco dropped after cutting its full-year guidance late on Friday as it announced its exit from Russia.
FTSE 100 - Risers
Polymetal International (POLY) 181.80p 7.26% Persimmon (PSN) 2,315.00p 6.58% Ferguson (FERG) 11,695.00p 6.08% Barclays (BARC) 170.08p 5.57% Lloyds Banking Group (LLOY) 47.93p 5.41% Smith (DS) (SMDS) 323.30p 5.31% Mondi (MNDI) 1,478.50p 5.04% Melrose Industries (MRO) 127.95p 4.88% Admiral Group (ADM) 2,693.00p 4.87% Associated British Foods (ABF) 1,780.50p 4.80%
FTSE 100 - Fallers
Glencore (GLEN) 487.40p -4.67% Anglo American (AAL) 3,749.00p -3.87% Rio Tinto (RIO) 5,359.00p -3.68% BP (BP.) 351.40p -2.50% Shell (SHEL) 1,918.50p -2.30% British American Tobacco (BATS) 3,017.00p -1.66% Antofagasta (ANTO) 1,557.00p -1.21% Fresnillo (FRES) 722.00p -1.12% Prudential (PRU) 1,059.50p -0.80% Auto Trader Group (AUTO) 640.00p -0.59%
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