FTSE 100 movers: Prudential pushes higher; Persimmon hit by downgrade

London’s FTSE 100 was up 0.3% at 7,577.37 in afternoon trade on Monday.

Asia-focused insurer Prudential was the standout gainer on the index, likely boosted by the further easing of some Covid restrictions in China.

Miners - which are heavily dependent on demand from China - were also on the front foot - with Rio Tinto, Anglo American and Antofagasta all up.

On the downside, housebuilder Persimmon was knocked lower by a downgrade to ‘hold’ from ‘buy’ by Jefferies, which cut its price target on the stock to 1,436p from 1,485p.

Jefferies said that with the new dividend policy removing not only the double-digit yield, but also its predictability, and the step-up in fire-safety costs - particularly to remediate defects - suggesting a risk profile no different from peers, "much of what we learned about Persimmon in the past decade appears to have been unwritten".

"The much higher gross margin on its land bank should continue to drive differentiated return on equity. However, investors may likely require continued evidence that intake margins remain structurally higher than peers before Persimmon's valuation returns to its previous premium."

FTSE 100 - Risers

Prudential (PRU) 1,090.00p 5.77%
Rio Tinto (RIO) 5,693.00p 1.95%
Anglo American (AAL) 3,355.00p 1.79%
Frasers Group (FRAS) 903.00p 1.69%
B&M European Value Retail S.A. (DI) (BME) 423.90p 1.48%
Next (NXT) 5,910.00p 1.30%
BP (BP.) 486.75p 1.22%
Severn Trent (SVT) 2,768.00p 1.21%
Haleon (HLN) 294.65p 1.10%
Antofagasta (ANTO) 1,450.00p 1.08%

FTSE 100 - Fallers

London Stock Exchange Group (LSEG) 8,034.00p -2.88%
Entain (ENT) 1,361.50p -2.58%
M&G (MNG) 186.75p -1.99%
Hargreaves Lansdown (HL.) 856.20p -1.79%
WPP (WPP) 862.60p -1.64%
Persimmon (PSN) 1,275.50p -1.54%
Burberry Group (BRBY) 2,131.00p -1.52%
Sage Group (SGE) 790.20p -1.45%
RS Group (RS1) 939.50p -1.42%
St James's Place (STJ) 1,168.50p -1.39%