FTSE 100 movers: Oil and metal stocks rise, ABF hit by crash in biofuel prices

BP impressed the market after underlying profits fell a less-than-feared 20% year-on-year to $2.2bn. The company also slashed its investment budget for this year by $4bn-6bn giving crude prices a boost, as oil extended gains made over the last few days on speculation of slowing output. Brent rose 3.9% to $56.86 a barrel, lifted further by ongoing strikes at oil refineries in the States. As a result, Shell and Tullow were also rising strongly.

Mining stocks were performing well as metal prices advanced. Antofagasta, BHP Billiton, Anglo American and Glencore were all putting in decent gains.

Aberdeen Asset Management declined after seeing net outflows in the three months to end-December due to a weakening of investor sentiment to emerging markets in December. Assets under management fell to £323.3bn from £324.4bn over its first quarter.

Associated British Foods was among the fallers after being hit by a crash in biofuel prices, as it owns a 47% stake in the Vivergo plant, which makes bioethanol from wheat. The company will be hit with a £98m charge as a result.

Kingfisher also continued to fall, following Monday’s downgrade from analysts at Jefferies from ‘buy’ to ‘hold’.

Risers
Weir Group (WEIR) 1,844.00p +6.34%
Antofagasta (ANTO) 704.50p +4.84%
Intertek Group (ITRK) 2,388.00p +4.74%
Glencore (GLEN) 264.95p +4.68%
Barclays (BARC) 246.70p +4.60%
BHP Billiton (BLT) 1,551.00p +4.51%
Anglo American (AAL) 1,170.00p +4.09%
Tullow Oil (TLW) 414.50p +3.88%
Royal Dutch Shell 'A' (RDSA) 2,144.00p +3.62%
Hargreaves Lansdown (HL.) 1,028.00p +3.16%

Fallers
Aberdeen Asset Management (ADN) 421.70p -4.18%
Johnson Matthey (JMAT) 3,227.00p -1.35%
Compass Group (CPG) 1,148.00p -0.95%
Diageo (DGE) 1,931.50p -0.95%
Associated British Foods (ABF) 3,085.00p -0.93%
InterContinental Hotels Group (IHG) 2,582.00p -0.92%
SABMiller (SAB) 3,592.50p -0.91%
Next (NXT) 7,100.00p -0.91%
Kingfisher (KGF) 332.40p -0.81%
Sports Direct International (SPD) 713.50p -0.77%