FTSE 100 movers: Miners rally on China news; Haleon hit by JPM note

London’s FTSE 100 was up 0.6% at 7,529.94 in afternoon trade on Wednesday.

Miners were among the top performers after the governor of the People’s Bank of China said the country plans to cut the amount of liquidity that banks are required to hold as reserves early next month as it looks to bolster the economy.

At a press conference in Beijing, Pan Gongsheng said the reserve ratio requirements for banks will be cut by 50 basis points from 5 February, providing 1 trillion yuan in long-term capital.

Antofagasta, Anglo American and Glencore all rallied.

Asia-focused Prudential also gained on the China news.

On the downside, GSK spinoff Haleon fell as JPMorgan said that having delivered strong volumes versus staples peers over the past two years, it expects the top line to disappoint as the tailwinds that boosted its over-the-counter divisions abate.

FTSE 100 - Risers

Endeavour Mining (EDV) 1,447.00p 5.08%
Antofagasta (ANTO) 1,677.50p 5.04%
Fresnillo (FRES) 503.80p 4.76%
Anglo American (AAL) 1,864.40p 4.18%
Flutter Entertainment (CDI) (FLTR) 16,140.00p 4.13%
Burberry Group (BRBY) 1,283.50p 3.13%
Glencore (GLEN) 417.00p 2.92%
International Consolidated Airlines Group SA (CDI) (IAG) 152.35p 2.90%
Prudential (PRU) 836.80p 2.55%
Marks & Spencer Group (MKS) 254.90p 2.25%

FTSE 100 - Fallers

Haleon (HLN) 314.25p -2.22%
Smith & Nephew (SN.) 1,084.50p -2.12%
Rentokil Initial (RTO) 395.10p -1.79%
Lloyds Banking Group (LLOY) 42.29p -1.79%
Convatec Group (CTEC) 241.40p -1.07%
Reckitt Benckiser Group (RKT) 5,500.00p -0.90%
3i Group (III) 2,349.00p -0.80%
Pearson (PSON) 951.60p -0.52%
London Stock Exchange Group (LSEG) 9,092.00p -0.48%
Severn Trent (SVT) 2,521.00p -0.47%