FTSE 100 movers: Intertek surges on first-half numbers but miners slump on China woes

London’s top-flight index was down 0.3% at 6,676 by 15:55 BST, as worries about a slowdown in China put pressure on the heavily-weighted mining sector. It wasn’t all bad, though, with several bright spots on the corporate front.

Intertek surged after posting a 16% rise in first-half pre-tax profit on the back of improved revenue momentum, margin progression and strong cash generation, and saying it was on track to meet its full-year targets. The company, which provides quality and safety solutions to a wide range of industries, said it benefited from good growth in its products-related divisions and trade-related businesses which was partially offset by the continuing challenging trading conditions in Industry Services.

Rolls-Royce rose sharply, extending gains that began on Friday after it emerged that US hedge fund ValueAct has built a 5.4% stake in the aerospace and defence company. On Monday, the Financial Times reported that ValueAct is urging Rolls-Royce to accelerate cost cuts in its core aerospace business. It cited sources as saying that the fund is also likely to encourage an eventual sale of the company’s non-aerospace division when the board conducts a strategic review.

RSA Insurance was also on the front foot following weekend press reports that the company’s board is looking for a 600p per share bid from Zurich Insurance and that the it will look to present a strong case for the group at first-half results on 6 August. Reports over the weekend also suggested that Zurich Insurance is looking for an additional $4bn in funding to finance a deal.

The top fallers on the index were miners, which were weighed by worries about a slowdown in the world’s second-largest economy after the final reading for Caixin’s China purchasing managers’ index printed at 47.8 in July, compared with expectations for a reading of 48.3. This was below the preliminary reading and marked a two-year low. China is the world’s largest consumer of industrial metals so it was unsurprising that Anglo American, BHP Billiton, Glencore, Rio Tinto, Fresnillo and Randgold Resources were all under the cosh.

Risers
Intertek Group (ITRK) 2,706.00p +10.58%
Rolls-Royce Holdings (RR.) 833.50p +4.97%
International Consolidated Airlines Group SA (CDI) (IAG) 550.00p +3.00%
SABMiller (SAB) 3,436.50p +2.14%
RSA Insurance Group (RSA) 522.50p +1.65%
Inmarsat (ISAT) 899.00p +1.24%
easyJet (EZJ) 1,661.00p +1.03%
BT Group (BT.A) 469.10p +1.00%
Unilever (ULVR) 2,934.00p +0.93%
Reckitt Benckiser Group (RB.) 6,202.00p +0.86%

Fallers
Anglo American (AAL) 774.10p -4.57%
BHP Billiton (BLT) 1,133.50p -4.14%
Glencore (GLEN) 200.25p -3.73%
Rio Tinto (RIO) 2,412.00p -3.00%
Fresnillo (FRES) 630.50p -2.55%
Randgold Resources Ltd. (RRS) 3,777.00p -2.20%
Tesco (TSCO) 211.20p -2.09%
Weir Group (WEIR) 1,509.00p -1.82%
InterContinental Hotels Group (IHG) 2,649.00p -1.82%
Ashtead Group (AHT) 964.00p -1.78%