FTSE 100 movers: Polymetal slumps on stake sale but Anglo gains

London’s FTSE 100 index was flat at 6,910.93 in afternoon trade.

Shares in Polymetal International tanked after two investors said they would sell shares in the miner.

Shareholders PPF Group – through Fodina – and Staroak have announced their intention to sell an aggregate of up to 26m existing ordinary shares in the company by way of an accelerated bookbuild.

ICT Holding, controlled by Alexander Nesis and his partners, long-term shareholder in Polymetal, has already submitted an indication of interest to participate in the placing.

On the upside, Anglo American was higher after it appointed Fortescue Metals’ Stephen Pearce as finance director following Rene Medori’s decision to retire, as announced back in April.

Pearce will join the company on 30 January 2017, prior to joining the board as an executive director and taking over as finance director with effect from 24 April 2017, enabling a smooth transition and the completion of the 2016 financial reporting process.

Pearce has been CFO of Australia-based iron ore producer Fortescue Metals since 2010.

Housebuilder Persimmon and its peers got a boost as Liberum upgraded the stock to ‘buy’ from ‘hold’ and lifted price targets across the sector.

“We have upgraded estimates across our coverage as 2016 trading is much better than we feared in our immediate post-referendum downgrades. We still expect a dip in earnings in 2017 and 2018, but we have moderated our volume decline expectations.

“The sector's shares are up 34% since post-EU referendum lows, but we still see selective value in the sector, adding Persimmon to the Buy list, joining Bellway, Berkeley and Gleeson.”

Barratt Developments and Taylor Wimpey also racked up healthy gains.

Risers

Anglo American (AAL) 946.40p 2.81%
Mediclinic International (MDC) 953.00p 2.53%
Persimmon (PSN) 1,835.00p 2.11%
Ashtead Group (AHT) 1,221.00p 1.92%
Barratt Developments (BDEV) 495.30p 1.70%
Dixons Carphone (DC.) 372.90p 1.41%
Glencore (GLEN) 209.85p 0.94%
British American Tobacco (BATS) 4,908.50p 0.94%
Taylor Wimpey (TW.) 154.80p 0.91%
Royal Dutch Shell 'A' (RDSA) 1,869.00p 0.81%

Fallers

Polymetal International (POLY) 976.50p -7.79%
ITV (ITV) 189.30p -2.52%
Royal Bank of Scotland Group (RBS) 182.30p -2.25%
Pearson (PSON) 757.00p -2.20%
Standard Chartered (STAN) 639.40p -1.89%
BAE Systems (BA.) 527.50p -1.86%
Lloyds Banking Group (LLOY) 56.19p -1.68%
Johnson Matthey (JMAT) 3,280.00p -1.53%
easyJet (EZJ) 1,030.00p -1.53%
Travis Perkins (TPK) 1,548.00p -1.34%