FTSE 100 movers: Miners slump as metals prices drop; housebuilders gain

London’s FTSE 100 index was down 0.5% to 6,821.66 in afternoon trade, with miners suffering the heaviest losses.

Heavily-weighted miners were the biggest drag on the top-flight index as metals prices declined across the board, with silver, copper and gold all weaker as a stronger US dollar took its tool.

Fresnillo, Randgold Resources, Anglo American, Antofagasta, Glencore, Rio Tinto and BHP Billiton were all sharply lower.

Energy stocks, meanwhile, fell in tandem with oil prices, with Shell and BP both weaker.

Oil prices retreated on news that Iraq – OPEC’s second-biggest oil producer – will boost its oil exports by 5%. A jump in the US oil-rig count also contributed to the decline in prices.

On the upside, housebuilders were in the black following a report from Countrywide, which predicted that UK house prices will fall by 1% next year on Brexit uncertainty but recover with a 2% increase in 2018.

Persimmon was the second-best performers ahead of its first-half results on Tuesday, with analysts expecting the housebuilder to shrug off the impact of the EU referendum with a surge in profits.

Deutsche Bank expects Persimmon to report a 26% increase in earnings before interest and tax for the first half.

“However while there is no doubt this would be a strong results we believe the market focus will centre on trading for the group post the Brexit vote, management guidance and the commitment to dividends,” the bank said.

Taylor Wimpey, Persimmon, Barratt Developments and Berkeley Group all slid.

Travis Perkins was on the front foot as Canaccord Genuity trimmed its price target on the stock but reiterated its ‘buy’ rating.

The brokerage said: “We continue to see Travis as being structurally attractive over the medium term and see value under the scenario of a relatively mild recession. We believe that it will perform relatively better than peers in potentially more difficult markets.”

Risers

Taylor Wimpey (TW.) 157.50p 2.74%
Persimmon (PSN) 1,785.00p 2.12%
Barratt Developments (BDEV) 459.00p 1.84%
Berkeley Group Holdings (The) (BKG) 2,528.00p 1.65%
Dixons Carphone (DC.) 375.10p 1.54%
Provident Financial (PFG) 2,899.00p 1.29%
Travis Perkins (TPK) 1,577.00p 1.28%
International Consolidated Airlines Group SA (CDI) (IAG) 389.20p 1.12%
Capita (CPI) 1,027.00p 1.08%
BT Group (BT.A) 395.40p 1.01%

Fallers

Fresnillo (FRES) 1,830.00p -5.62%
Randgold Resources Ltd. (RRS) 8,030.00p -3.83%
Anglo American (AAL) 837.80p -3.70%
Antofagasta (ANTO) 544.00p -3.63%
Glencore (GLEN) 182.90p -3.00%
Rio Tinto (RIO) 2,381.50p -2.64%
BHP Billiton (BLT) 1,029.00p -2.28%
Mediclinic International (MDC) 1,077.00p -1.82%
Royal Dutch Shell 'B' (RDSB) 1,976.50p -1.67%
BP (BP.) 427.80p -1.51%