FTSE 100 movers: Miners jump as metals gain but housebuilders slump

London’s FTSE 100 index was up 0.6% to 6,165.15 at 1400 GMT as investors digested better-than-expected nonfarm payrolls.

Miners were the standout gainers as metals prices rose, with copper hitting a three-month high.

Elsewhere, low cost airline EasyJet flew higher after reporting a rise in passenger numbers in February. It carried 4.93m passengers last month, up 9.8% from February 2015.

However, the load factor – which gauges how many seats were actually taken up on flights – slipped to 90.5% from 90.9%.

On a rolling 12-month basis, passenger numbers grew 7.5% to 70.52m and the load factor nudged up to 91.6% from 90.8%.

Asset manager Schroders was on the back foot after Citigroup downgraded the stock to ‘neutral’ from ‘buy’.

It said that on a 12-month view, challenging markets and the company’s “commendable commitment” to investing in its future mean Citi forecasts a 5% drop in earnings per share this year.

“We downgrade SDR today to reflect our more conservative expectations for earnings and our view that the current valuation adequately reflects this.”

The bank pointed out that the rating change was no related to the announcement on Thursday that chief executive Michael Dobson would step down from his role but stay on as chairman.

He will be replaced by Peter Harrison, who is head of investment.

“Whilst Dobson’s departure is the end of an era, we see Peter Harrison as experienced and well qualified,” said Citi.

However, news of the handover did not go down as well in the City, with business lobby groups accusing Schroders of violating the UK code of governance, which recommends firms only switch a chief executive to the supposedly independent role of chairman in exceptional circumstances.

Housebuilders were also in the red, as sentiment towards the sector took a hit on news that over 50 luxury flats on sale at London’s Battersea Power Station have had their prices cut as foreign investors ditch the scheme. Berkeley Group, Barratt Developments, Taylor Wimpey, Travis Perkins and Persimmon all slid.

London Stock Exchange slipped despite posting a 31% increase in full year profit and reiterating the case for a merger with Deutsche Boerse.

“If you are in discussions for a merger, and have a list of potential suiters standing in the wings, posting a 30% increase in your full-year profits is only going to ramp up the market frenzy, or certainly that’s what LSE shareholders will be hoping,” said IG’s Alastair McCaig.

Risers

Antofagasta (ANTO) 544.50p 6.56%
BHP Billiton (BLT) 843.80p 6.10%
Glencore (GLEN) 151.25p 5.77%
Anglo American (AAL) 559.50p 4.97%
easyJet (EZJ) 1,548.00p 4.24%
Ashtead Group (AHT) 900.00p 4.11%
Rio Tinto (RIO) 2,089.00p 3.83%
Barclays (BARC) 172.65p 3.82%
Intertek Group (ITRK) 3,107.00p 3.19%
Tesco (TSCO) 191.15p 2.69%

Fallers

Schroders (SDR) 2,668.00p -2.56%
Berkeley Group Holdings (The) (BKG) 3,008.00p -2.34%
Whitbread (WTB) 3,723.00p -2.03%
Barratt Developments (BDEV) 554.50p -1.68%
Taylor Wimpey (TW.) 175.30p -1.63%
Travis Perkins (TPK) 1,823.00p -1.41%
London Stock Exchange Group (LSE) 2,855.00p -1.31%
Persimmon (PSN) 1,980.00p -0.90%
DCC (DCC) 5,655.00p -0.88%
ITV (ITV) 230.60p -0.86%