FTSE 100 movers: Glencore rises as zinc output cut; Investors happy with StanChart report

The FTSE 100 was up 63.88 points (1.00%) to 6,438.70 mid-afternoon Friday, rallying on the back of Thursday’s release of the Federal Reserve minutes.

Glencore again led the risers on the back its decision to cut 500,000 tonnes or around a third of its annual zinc production. The move was to combat declining prices, and would reduce fourth quarter 2015 mine production by around 100,000 of contained zinc metal.

"The main reason for the reduction is to preserve the value of Glencore's reserves in the ground at a time of low zinc and lead prices, which do not correctly value the scarce nature of our resources," it said.

Miners in general were up on Friday as precious metal prices and copper prices rose.

Investors appeared pleased with a report from Reuters that Standard Chartered’s new chief executive Bill Winters is planning to cut up to a quarter of the bank’s most senior staff in a bid to reduce costs. It’s a move that will likely result in the loss of around 1,000 jobs.

Sports Direct International took a big hit after Morgan Stanley downgraded the stock to ‘equalweight’ from ‘overweight'. It kept the price target at 680p and said the risk/reward is now more balanced.

“We continue to like the Sports Direct story in the UK and remain open-minded on its overseas expansion. However, we no longer view the international business as a free option with the shares up nearly 20% in the last six months,” it said.

Risers

Glencore (GLEN) 137.00p +13.55%

Anglo American (AAL) 739.90p +9.21%

Standard Chartered (STAN) 785.10p +4.86%

BHP Billiton (BLT) 1,195.50p +4.41%

Fresnillo (FRES) 733.00p +4.05%

Ashtead Group (AHT) 1,040.00p +3.90%

Mondi (MNDI) 1,511.00p +3.78%

Rio Tinto (RIO) 2,614.00p +3.73%

Babcock International Group (BAB) 987.50p +3.73%

Antofagasta (ANTO) 599.50p +3.72%

Fallers

Sports Direct International (SPD) 718.50p -2.77%

Hikma Pharmaceuticals (HIK) 2,100.00p -1.87%

TUI AG Reg Shs (DI) (TUI) 1,218.00p -1.85%

Persimmon (PSN) 1,972.00p -1.60%

Carnival (CCL) 3,297.00p -1.14%

Barratt Developments (BDEV) 636.50p -1.09%

Berkeley Group Holdings (The) (BKG) 3,283.00p -1.08%

Taylor Wimpey (TW.) 194.00p -1.02%

National Grid (NG.) 926.10p -0.92%

Whitbread (WTB) 4,738.00p -0.63%