FTSE 100 movers: Barclays, StanChart gain, Randgold, Anglo American drop

Shares in Barclays and StanChart continued gaining altitude alongside other financials following the release of better than expected private sector payrolls figures in the States.

Private sector payrolls in the US jumped by 298,000 in February, according to consultancy ADP, easily outpacing estimates for a gain of 190,000.

Coming two days before the release of the official non-farm payrolls reports in the US, the figures led some analysts to revise their forecasts for that number upwards and may have helped to cement expectations of another rate hike at the Fed's 15 March meeting.

In a related note, on 7 March analysts at Goldman Sachs reiterated their 'Buy' recommendation on StanChart.

"It is most exposed to the US rate hike cycle (as c.50% of its rate-sensitive balance sheet is linked to USD and the absence of meaningful GBP exposure), and (2) see its strong capital position (4Q16 13.6% CET1 ratio) as a strong underpin for the recommencement of dividends during 2017."

Randgold Resources led fallers with analysts at RBC downgrading the stock from 'Sector perform' to 'Underperform'.

They also trimmed their target price from 6,000p to 5,900p.

The gold-digger was about as well run an outfit as one might ask for, but "we do, however, see difficulty in seeing what drives Randgold to the next level."

In particular, they took aim at the large pile of cash on the balance sheet which was returning under 1% and thus weighing on its return on equity.

Acting as a backdrop, out on COMEX front month gold futures were down by 0.66% to 1,208.20 as the US dollar clambered higher on those heightened US rate hike hopes.

The yellow metal was also still being weighed down by speculator positioning and shifting rate hike expectations in the US, UBS argued, although current levels of uncertainty were expected to continue buoying sentiment.

"CFTC data to Feb 28 revealed a sizeable build in gold net long positions on Comex of nearly 4moz, thelargest weekly increase since June. The sharp increase in gross longs was the main driver, taking the net position to over 18moz, the highest level since November. This build-up of length over a relatively short period likely added to the pressure as Fed policy expectations shifted; we expect underlying positive sentiment towards gold to remain broadly intact as uncertainty lingers," UBS said.

BHP and Anglo American were also lower as the price of copper gave back 0.36% to $2.61 a pound on COMEX.

For BHP, UBS said on Wednesday its shares were discounting a price of iron ore of about $50 a tonne, versus a spot price at $90 a tonne.

That was also true of Anglo American, both of which were discounting copper prices of roughly $2.25 a pound, 15% below then current prices.

Also in the news, Aurora Williams, a Chilean mining minister, said on 7 March the copper market might see a deficit in 2017 due to disruptions to operations.

Nonetheless, she added "we're clear that we're not going back to super-cycle prices."