FTSE 100 movers: Miners under the cosh; Centrica, SSE rally

London’s FTSE 100 was flat at 7,195.08 in afternoon trade on Monday.

Centrica, SSE, Severn Trent and United Utilities were higher following a report the UK government is not planning to extend the windfall tax to electricity or infrastructure companies.

BA parent IAG was under the cosh amid further travel chaos, as Heathrow said in the morning that it had axed more than 60 flights and warned it may ask airlines to cut more as it continues to battle unprecedented demand.

Dechra Pharmaceuticals fell even as it said revenues had "increased strongly" during the twelve months ended 30 June, up 14% at constant currency and 12% at actual exchange rates.

Miners Anglo American and Antofagasta were also on the back foot after China reimposed fresh Covid curbs.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: "Worries are ratcheting up about the global downturn hitting demand for commodities. Iron ore prices have fallen to levels not seen since December, as stockpiles of steel build up following a slump in the Chinese property sector, while companies tread water impatient for Beijing’s promised infrastructure boost to materialise."

FTSE 100 - Risers

Centrica (CNA) 83.72p 4.55%
SSE (SSE) 1,754.00p 3.57%
Compass Group (CPG) 1,799.00p 2.22%
Severn Trent (SVT) 2,788.00p 1.86%
United Utilities Group (UU.) 1,028.50p 1.53%
Airtel Africa (AAF) 149.70p 1.35%
Relx plc (REL) 2,271.00p 1.29%
National Grid (NG.) 1,082.00p 1.26%
Rentokil Initial (RTO) 502.80p 1.17%
Reckitt Benckiser Group (RKT) 6,318.00p 1.15%

FTSE 100 - Fallers

International Consolidated Airlines Group SA (CDI) (IAG) 104.82p -4.81%
Anglo American (AAL) 2,701.50p -4.35%
Antofagasta (ANTO) 1,065.00p -4.31%
Flutter Entertainment (CDI) (FLTR) 7,874.00p -3.05%
Dechra Pharmaceuticals (DPH) 3,650.00p -2.67%
Smurfit Kappa Group (CDI) (SKG) 2,712.00p -2.66%
Ocado Group (OCDO) 844.00p -2.65%
Abrdn (ABDN) 159.55p -2.54%
Fresnillo (FRES) 666.80p -2.40%
WPP (WPP) 782.40p -2.27%