FTSE 100 movers: Anglo American shines but BT tumbles on profit warning

London’s FTSE 100 was up 0.2% to 7,162.63 in afternoon trade as investors digested news that the Supreme Court has ruled Parliamentary consent is needed before invoking Article 50 of the formal Brexit process.

Anglo American shone as De Beers reaped $720m in rough diamond sales from the first cycle of 2017.

This was 32% ahead of the $545m in the same cycle last year and 70% up on the last cycle of 2016.

Shares in ITV rallied following a report the Virgin Media owner Liberty Global could be facing competition from some of the world’s largest companies to buy out the London-listed broadcaster.

Speculation has been rife that Liberty Global is looking to buy ITV, but according to the Evening Standard, major shareholders of ITV have been sounded out by the likes of Apple, Amazon and Netflix about a possible takeover.

ES said chatter suggests the US giants are prepared to cough up 300p a share for ITV, valuing the group at around £12bn.

It cited sources as saying that the purported interest could prompt Liberty Global, which has a near-10% stake in the company, to bid for the entire group.

Rio Tinto advanced after agreeing the $2.45bn-plus-royalties sale of its Coal & Allied Industries thermal coal business in New South Wales to Yancoal Australia.

Rio will receive an initial $1.95bn cash payment payable at completion plus $500m in deferred cash payments payable over five years following completion.

On the downside, BT Group tumbled as it cut its profit guidance for the next two years after an investigation into accounting blunders at the telecoms giant's Italian business forced it to more than triple its expected write-downs to £530m, while the UK business has also seen a deterioration in its outlook.

An investigation alongside accountants from KPMG, which was first announced in October, has now discovered earnings in the country found to have been overstated for several years.

Budget airline easyJet flew lower after saying profit for 2017 would take a £105m hit instead of £90m from the impact of a weaker pound.

Dixons Carphone was weaker despite posting its fifth consecutive year of Christmas growth, with revenue ahead 4% on a like-for-like basis for the 10 weeks to 7 January.

The electronics retail group saw revenues surge 6% in the UK and Ireland, and by 5% in Southern Europe.

Standard Life retreated after UBS downgraded the stock to ‘sell’ from ‘neutral’ and cut the price target to 310p from 320p. “Our rating is driven by our expectation for earnings pressure to emerge in Standard Life Investments in 2017 resulting from increased asset outflows from its flagship £42bn GARS fund.”

Risers

Anglo American (AAL) 1,374.00p 5.01%
ITV (ITV) 211.00p 4.82%
Rio Tinto (RIO) 3,625.00p 4.33%
BHP Billiton (BLT) 1,496.00p 4.07%
Antofagasta (ANTO) 819.00p 3.74%
Glencore (GLEN) 331.15p 3.36%
Pearson (PSON) 607.00p 2.45%
RSA Insurance Group (RSA) 574.50p 2.13%
Standard Chartered (STAN) 762.90p 1.77%
Barclays (BARC) 228.25p 1.67%

Fallers

BT Group (BT.A) 306.30p -19.93%
easyJet (EZJ) 984.00p -8.55%
Dixons Carphone (DC.) 322.00p -4.20%
Paddy Power Betfair (PPB) 8,040.00p -3.07%
Capita (CPI) 506.00p -3.07%
Next (NXT) 3,798.00p -2.52%
Associated British Foods (ABF) 2,467.00p -2.22%
Standard Life (SL.) 344.50p -1.88%
Babcock International Group (BAB) 915.00p -1.88%
Sainsbury (J) (SBRY) 255.20p -1.77%