FTSE 100 movers: Housebuilders on the climb but miners crumble

London’s FTSE 100 index fell 1.21% to 6,938.80 in afternoon trade.

An unexpected rise in the demand for houses sent house prices up by 17% over the last three months in September according to a report by the Royal Institution for Chartered Surveyors (RICS). The demand hike occurred for the first time in seven months beating the city consensus prediction of a fall to 12% compared to 13% in August. This helped to push up stocks of Persimmon, Taylor Wimpey, Barratt Developments, Land Securities, Hammerson and Intu Properties.

United Utilities got a boost on Thursday as Societe Generale upgraded the stock to ‘buy’ from ‘hold’, noting that recent share price weakness now implies a total shareholder return of 18%. The stock has underperformed the FTSE 100 by 11% since the 2 October Tory Party conference.

Mining companies RioTinto, BHP Billiton, Anglo Amerrican and Antofagasta slumped after China’s trade surplus sent copper futures plunging to one-month lows. China’s trade surplus unexpectedly shrank in September as exports plunged more than anticipated. The trade surplus came to $41.99bn last month, down from $52.05bn in August and compared to forecasts of $53bn.

Prudential shares fell on Thursday as Societe Generale lowered its rating on the stock to ‘sell’ from ‘hold’ and cut its target price to 1,250p from 1,400p. Societe Generale said Prudential is on its list of least preferred stocks as it believes it is most vulnerable to the “growing cocktail” of variable annuity risks.

Paper and packing group Mondi was lower despite posting a jump in third-quarter underlying operating profit compared to a year ago and saying it expects to benefit from higher selling prices as it moves into 2017.

Unilever took a hit as supermarkets pulled Marmite and several of its other brands from their shelves over a pricing dispute. The company posted forecast-beating underlying sales and a 28.9p dividend amid tough third-quarter conditions.

Centrica shares dropped as the stock went ex-dividend.

Risers

Persimmon (PSN) 1,736.00p 2.66%
Taylor Wimpey (TW.) 146.40p 1.88%
Barratt Developments (BDEV) 482.10p 1.71%
United Utilities Group (UU.) 930.50p 1.69%
Whitbread (WTB) 3,851.00p 1.34%
Land Securities Group (LAND) 982.00p 1.34%
British Land Company (BLND) 589.50p 1.29%
Hammerson (HMSO) 559.50p 1.27%
DCC (DCC) 7,005.00p 1.16%
Intu Properties (INTU) 286.40p 1.09%

Fallers

Rio Tinto (RIO) 2,558.50p -5.50%
Standard Life (SL.) 330.30p -5.33%
BHP Billiton (BLT) 1,177.50p -4.93%
Anglo American (AAL) 993.00p -4.57%
Prudential (PRU) 1,384.00p -4.52%
Mondi (MNDI) 1,588.00p -4.11%
Unilever (ULVR) 3,577.00p -3.93%
Antofagasta (ANTO) 535.50p -3.77%
Royal Bank of Scotland Group (RBS) 171.50p -3.05%
Centrica (CNA) 209.20p -2.92%