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10 Feb 2021 | 14:30

FTSE 100 movers: Miners rally; Ocado in the red

(Sharecast News) - London's FTSE 100 was up 0.1% at 6,536.39 in afternoon trade on Wednesday. Miners were the standout gainers amid rising metals prices, with Anglo American, Glencore, Rio Tinto and BHP all higher.

Smurfit Kappa advanced after the packaging company reported forecast-beating final earnings, boosted by strong demand in Europe and America. Rival DS Smith also gained.

Berkeley and Barratt Developments retreated. IG analyst Joshua Mahony said: "Housebuilders are at the forefront of FTSE selling pressure today, despite the surge in profits from Redrow.

"2020 was undoubtably a positive one for the sector despite early difficulties, with a sharp rise in demand coming off the back of the stamp duty holiday. However, the selling pressure we are now seeing highlights the markets disdain for fleeting and short-lived periods of outperformance.

"The fact that the housing market was always expected to contract once the stamp duty holiday boost came to an end has restricted valuations across the housebuilding sector. With the Halifax HPI showing the first month of contraction since May, we are already seeing the beginning of the steam taken out the sector."

Online supermarket Ocado was under the cosh as Barclays reiterated its 'underweight' rating on the shares, saying it was disappointed and surprised that "2020 did not see any new deals inked".

The bank noted that Ocado's £20bn valuation depends on it building a steadily bigger pipeline of Customer Fulfilment Centre orders. Although the early evidence is that its first international facilities are working well and will generate follow-on orders, Ocado will likely need to attract new grocery customers to justify the valuation, it said.

FTSE 100 - Risers

Anglo American (AAL) 2,703.00p 4.36% Glencore (GLEN) 274.15p 4.08% Rio Tinto (RIO) 5,950.00p 3.12% Evraz (EVR) 521.60p 3.08% Fresnillo (FRES) 1,060.00p 3.06% Smurfit Kappa Group (SKG) 3,644.00p 2.94% Smith (DS) (SMDS) 371.90p 2.48% Standard Chartered (STAN) 467.30p 2.48% Aviva (AV.) 349.10p 2.17% BHP Group (BHP) 2,125.00p 2.09%

FTSE 100 - Fallers

Berkeley Group Holdings (The) (BKG) 4,235.00p -3.57% Compass Group (CPG) 1,417.00p -3.54% Ocado Group (OCDO) 2,620.00p -2.96% Taylor Wimpey (TW.) 161.55p -2.62% Flutter Entertainment (FLTR) 13,870.00p -2.32% Barratt Developments (BDEV) 682.60p -2.15% International Consolidated Airlines Group SA (CDI) (IAG) 150.65p -2.11% InterContinental Hotels Group (IHG) 4,886.00p -1.91% BP (BP.) 255.15p -1.75% Next (NXT) 7,718.00p -1.66%

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