FTSE 100 movers: Fresnillo loses its shine but Persimmon fights back

London's FTSE 100 was down 0.2% at 7,166.26, with sterling on the rise as investors grew hopeful that a no deal Brexit will be avoided.

Precious metals miner Fresnillo lost its shine as it posted a 34.7% drop in full-year pre-tax profit and warned that 2019 will be another challenging year.

British Airways and Iberia owner IAG flew lower after MSCI Global Standard Indexes said it would drop the stock from its Spanish index with effect from 1 March.

BT was knocked lower by a downgrade to 'hold' from 'buy' at Berenberg, which said the full-year results in May are a risk.

Croda International fell as the specialty chemicals company announced a £150m special dividend but a very modest 1.2% increase in full-year pre-tax profit.

Micro Focus lost ground as it was cut to 'sell' at Investec.

On the upside, Ocado was the standout gainer as it confirmed that it is in talks with Marks & Spencer about a possible UK retail joint venture, reported to be worth between £1.6bn and £1.8bn. M&S shares also rallied.

Housebuilder Persimmon advanced as it said profits topped £1bn last year, a day after its shares slumped on a report that it may be stripped of its right to participate in the government's Help to Buy scheme.

The company also said it had appointed Dave Jenkinson as group chief executive on permanent basis, after previous boss Jeff Fairburn left last year in the wake of his £75m bonus furore.

Peers Taylor Wimpey and Barratt Developments also gained.

Wood Group was on the front foot as Berenberg initiated coverage of the stock at 'hold'. "In the near term, Wood will continue to work through the merger integration process, which means that results are likely to remain messy. Lower growth in the US may also provide a near-term headwind to the stock, so we initiate with a hold rating."

FTSE 100 - Risers

Ocado Group (OCDO) 991.73p 11.91%
GVC Holdings (GVC) 672.00p 3.86%
Next (NXT) 5,196.00p 3.38%
Taylor Wimpey (TW.) 170.70p 3.24%
Barclays (BARC) 163.62p 2.76%
Persimmon (PSN) 2,415.51p 2.70%
Marks & Spencer Group (MKS) 301.36p 2.61%
Barratt Developments (BDEV) 588.00p 2.58%
Wood Group (John) (WG.) 540.80p 2.31%
Associated British Foods (ABF) 2,324.00p 2.24%

FTSE 100 - Fallers

Fresnillo (FRES) 903.70p -7.41%
International Consolidated Airlines Group SA (CDI) (IAG) 618.60p -4.09%
BT Group (BT.A) 220.70p -2.95%
Croda International (CRDA) 4,925.00p -2.67%
British American Tobacco (BATS) 2,822.50p -2.45%
Experian (EXPN) 2,012.00p -2.19%
Vodafone Group (VOD) 137.06p -1.82%
Relx plc (REL) 1,728.00p -1.62%
Imperial Brands (IMB) 2,560.00p -1.54%
Micro Focus International (MCRO) 1,846.50p -1.52%