FTSE 100 movers: BP surges; IAG hit by downgrade

(Sharecast News) - London's FTSE 100 was up 1% at 8,785.19 in afternoon trade on Monday. BP surged to the top of the index following a Bloomberg report over the weekend that activist investor Elliott Investment Management has built a "significant" stake in the oil giant.

Neil Wilson, analyst at TipRanks, said: "The firm is sure to face pressure to make substantial changes, from an overhaul of its green bets to a shake-up of the board. Probably also expect a big shift to focus on upstream capital projects to improve cash flow. So, the shift will be to move away from spending on green stuff that doesn't really pay to investing in cash generative oil and gas production. Simples, really.

"Specifically in terms of personnel, it is thought that the activist will push for removal of chairman, Helge Lund, who helped oversee the company's controversial net zero strategy with previous CEO Bernard Looney."

Precious metals miner Fresnillo shone as gold prices hit a record high after US President Donald Trump announced tariffs on steel and aluminium.

On the downside, BA and Iberia owner IAG flew lower after a downgrade to 'neutral' at Goldman Sachs.

FTSE 100 - Risers

BP (BP.) 463.60p 7.01% Fresnillo (FRES) 790.00p 3.27% Antofagasta (ANTO) 1,850.00p 2.41% Prudential (PRU) 677.60p 2.08% Centrica (CNA) 139.15p 1.94% Intermediate Capital Group (ICG) 2,362.00p 1.90% Berkeley Group Holdings (The) (BKG) 3,784.00p 1.83% HSBC Holdings (HSBA) 869.00p 1.76% St James's Place (STJ) 1,116.00p 1.64% SEGRO (SGRO) 713.60p 1.59%

FTSE 100 - Fallers

International Consolidated Airlines Group SA (CDI) (IAG) 355.50p -2.95% SSE (SSE) 1,531.50p -1.83% BAE Systems (BA.) 1,176.50p -1.71% Melrose Industries (MRO) 616.40p -1.19% easyJet (EZJ) 524.60p -1.02% Aviva (AV.) 507.40p -0.98% Diageo (DGE) 2,208.00p -0.63% National Grid (NG.) 978.20p -0.43% Coca-Cola HBC AG (CDI) (CCH) 3,024.00p -0.40% Compass Group (CPG) 2,749.00p -0.36%