FTSE 100 movers: Ashtead and CRH surge but Sainsbury's slumps

London’s FTSE 100 was up 0.1% to 6,849.22 in afternoon trade, reversing earlier losses as investors mulled over the implications of Donald Trump’s election victory.

Fresnillo and Randgold Resources surged as gold prices rallied the most since the Brexit vote.

Meanwhile, Ashtead and CRH were among the best performers on the back of Trump’s comments about infrastructure spending. In a European equity strategy note on Wednesday, Deutsche Bank highlighted both companies as potentially benefitting from higher infrastructure spending in the US. It noted that 84% of Ashtead’s revenues are generated in the US, while CRH generates 53% of it sales from across the pond.

Wolseley was also in the black, with Deutsche Bank pointing out that it is a major US distributor for heating, ventilation and waterwork products, with 63% of its sales generated there.

Shire and Hikma Pharmaceuticals rallied along with the rest of the pharmaceutical sector, which got a boost from Donald Trump’s victory over Clinton in the US presidential race. A win for Clinton had been considered bad for the sector as she had made it clear she wanted to increase regulation and combat high drug prices.

On the downside, Sainsbury's slumped after it cut its interim dividend 10% as underlying profits fell the same amount despite revenues increasing as the decline in like-for-like sales eased off in recent months.

Global information services company Experian was also on the back foot after the release of its half-year results, with 5% organic revenue growth to $2.24bn, which was in line with its board’s target range.

Risers

Fresnillo (FRES) 1,777.00p 11.06%
Ashtead Group (AHT) 1,371.00p 10.39%
CRH (CRH) 2,851.00p 7.58%
Shire Plc (SHP) 4,863.50p 7.55%
Randgold Resources Ltd. (RRS) 7,255.00p 7.08%
Polymetal International (POLY) 962.00p 6.01%
Hikma Pharmaceuticals (HIK) 1,757.00p 5.65%
BAE Systems (BA.) 578.00p 5.47%
Wolseley (WOS) 4,498.00p 4.78%
Antofagasta (ANTO) 614.00p 4.24%

Fallers

Sainsbury (J) (SBRY) 246.40p -3.56%
Unilever (ULVR) 3,276.00p -3.13%
Associated British Foods (ABF) 2,552.00p -3.08%
Marks & Spencer Group (MKS) 321.10p -2.99%
Experian (EXPN) 1,479.00p -2.50%
Compass Group (CPG) 1,389.00p -2.32%
Micro Focus International (MCRO) 2,018.00p -2.28%
British American Tobacco (BATS) 4,472.50p -2.26%
Diageo (DGE) 2,045.50p -2.18%
Reckitt Benckiser Group (RB.) 6,987.00p -2.14%