FTSE 100 movers: Heavily-weighted miners gain as dollar weakens

London’s FTSE 100 index was up 1.6% to 6,200.47 at 1440 GMT as investors welcomed Federal Reserve Chair Janet Yellen’s dovish speech the previous day

Heavily-weighted miners put in a stellar performance as the dollar weakened following Yellen’s speech on Tuesday. A weaker dollar makes commodities more affordable for holders of other currencies.

Anglo American, Glencore, BHP Billiton, Rio Tinto and Antofagasta were all firmly in the black.

In addition, Mike van Dulken, head of research at Accendo Markets said London-listed miners “are benefiting from an understandable increase in risk appetite based on expectations of lower global interest rates and accommodative policy for longer coupled with now quasi-certainty that April is off the table in terms of another US rate hike”.

“A jump in Chinese Consumer sentiment may also be helping even if the underlying commodities prices themselves are trading mixed,” he added.

Also on Wednesday, Anglo American said South Africa’s Public Investment Corporation has lifted its stake in the miner to just over 11% after it purchased just under 8m shares.

Low-cost carrier EasyJet was flying lower, giving back some of the gains it made in the previous session after Bank of America Merrill Lynch upgraded the stock to ‘buy’.

Marks & Spencer was a touch weaker after Jefferies cut its stance on the stock to ‘hold’ from ‘buy’ despite a lower valuation.

It said the share price fall from 600p last summer to around 400p has been dramatic, as has the stock’s de-rating from nearly 17x forward earnings to around 11x.

Jefferies said general merchandise trading has regularly disappointed with Christmas sales being weak and market share data not showing much improvement.

In addition, the bank’s survey results show consumer perceptions of the quality of clothing and value for money are not keeping pace with the industry.

It also pointed to increasing competitive pressure as more retailers move to a same day delivery promise or shorter time slots.

Risers

Anglo American (AAL) 526.70p 9.94%
Glencore (GLEN) 153.75p 6.92%
Standard Chartered (STAN) 469.25p 6.78%
BHP Billiton (BLT) 790.30p 5.37%
Rio Tinto (RIO) 1,961.50p 5.29%
BP (BP.) 359.95p 4.09%
Royal Dutch Shell 'A' (RDSA) 1,714.50p 3.91%
Royal Dutch Shell 'B' (RDSB) 1,720.00p 3.15%
Antofagasta (ANTO) 467.40p 2.95%
Burberry Group (BRBY) 1,355.00p 2.73%

Fallers

Persimmon (PSN) 2,077.00p -1.33%
Worldpay Group (WI) (WPG) 271.80p -1.24%
Berkeley Group Holdings (The) (BKG) 3,228.00p -1.19%
easyJet (EZJ) 1,513.00p -0.79%
Babcock International Group (BAB) 943.00p -0.58%
London Stock Exchange Group (LSE) 2,821.00p -0.42%
DCC (DCC) 6,115.00p -0.24%
Direct Line Insurance Group (DLG) 370.80p -0.22%
Marks & Spencer Group (MKS) 403.90p -0.15%
SABMiller (SAB) 4,244.50p -0.13%