FTSE 100 movers: Miners, banks decline; Whitbread rallies

London’s FTSE 100 was down 0.4% at 7,874.37 in afternoon trade on Tuesday.

Miners were under pressure, with Glencore, Rio, Anglo American and Antofagasta all down.

Associated British Foods slumped after it reported lower interim profits as the clothing retailer and foods group battled inflationary headwinds and lower consumer spending amid the cost-of-living crisis. It posted adjusted operating profit of £684m, down 3%, for the 24 weeks to March 4. Primark profits fell to £351m, compared with £414m a year earlier.

On a pre-tax basis AB Foods earnings for the period rose 1% at £644m, supported by a 23% rise in profits at its foods and division. The firm expects full-year profits to flat, in line with guidance.

Banks were under the cosh after disappointing results late on Monday from US bank First Republic, which said that deposits had fallen by more than $100bn. Standard Chartered, NatWest and Barclays all lost ground.

On the upside, Premier Inn owner Whitbread surged after saying that full-year earnings had soared above pre-pandemic levels on the back of strong demand for hotel rooms after the lifting of Covid-19 travel restrictions and unveiled a £300m share buyback.

The company, which also owns the Beefeater steakhouse chain, reported pre-tax profit of £375m, up from £58m a year ago and £218m in 2020 before the pandemic shut down the leisure and hospitality sectors.

Vodafone was higher as its biggest shareholder, e&, said it had lifted its stake in the firm and opened talks to push for changes on its board.

FTSE 100 - Risers

Whitbread (WTB) 3,272.00p +4.67%

Entain (ENT) 1,435.00p +1.63%

Vodafone Group (VOD) 91.01p +1.48%

GSK (GSK) 1,495.40p +1.45%

Flutter Entertainment (CDI) (FLTR) 15,995.00p +1.30%

Imperial Brands (IMB) 1,973.00p +1.18%

AstraZeneca (AZN) 12,300.00p +1.12%

St James's Place (STJ) 1,238.50p +1.06%

British American Tobacco (BATS) 2,951.50p +1.01%

Halma (HLMA) 2,279.00p +0.75%

FTSE 100 - Fallers

Glencore (GLEN) 468.30p -3.71%

Rio Tinto (RIO) 4,976.00p -3.21%

Centrica (CNA) 110.30p -3.12%

Anglo American (AAL) 2,435.50p -3.05%

Antofagasta (ANTO) 1,480.50p -2.41%

Associated British Foods (ABF) 2,023.00p -2.27%

Standard Chartered (STAN) 618.60p -2.18%

B&M European Value Retail S.A. (DI) (BME) 482.70p -1.99%

NATWEST GROUP (NWG) 268.80p -1.97%

Barclays (BARC) 151.36p -1.84%