FTSE 100 movers: Retailers bounce back, but miners slump

London’s FTSE 100 was down 0.3% to 6,087.90 at 1515 GMT as investors awaited a speech by Federal Reserve Chair Janet Yellen for further clues as to the US central bank’s next policy move.

Retailer Marks & spencer was among the risers. Traders said the push higher was a relief rally following losses last week on the back of Next’s results, which saw the company warn that this year could be the toughest since 2008 amid a deteriorating outlook for consumer spending.

Primark owner Associated British Foods was also in the black following sharp declines after Next’s results.

On the downside, resource stocks suffered the heaviest losses as commodity prices fell.

“Copper, per last Thursday’s note, has failed to push through the 200 day moving average at $2.27/lb, any break below $2.20/oz would negate the recent rally and put the trend on the back foot” said London Capital Group’s Brenda Kelly.

“Weaker growth in developed markets and word that China is building inventories rather than utilising for construction coupled with the strong dollar would indicate that the 15% gain since mid-January has been built on sand.”

Chilean copper miner Antofagasta was also weighed by a research note from Goldman Sachs, which reiterated its ‘sell’ stance on the stock following the company’s full year results earlier this month.

The bank said its ‘sell’ rating was primarily a valuation call as it noted that Antofagasta’s view on near-term copper prices echoed its bearish stance.

“ANTO has moved into a cash preservation mode – near-term development projects pushed back, longer-dated growth options being developed in phases and the decision to not give a final dividend,” GS said.

Risers

Associated British Foods (ABF) 3,353.00p 2.70%
Mediclinic International (MDC) 876.50p 2.57%
Marks & Spencer Group (MKS) 400.30p 1.99%
Travis Perkins (TPK) 1,795.00p 1.70%
Dixons Carphone (DC.) 424.40p 1.65%
Ashtead Group (AHT) 837.00p 1.45%
Taylor Wimpey (TW.) 189.40p 1.39%
ITV (ITV) 241.00p 1.39%
Prudential (PRU) 1,292.50p 1.33%
Admiral Group (ADM) 1,925.00p 1.32%

Fallers

Anglo American (AAL) 474.60p -5.23%
Glencore (GLEN) 144.25p -4.60%
Rio Tinto (RIO) 1,860.00p -4.00%
BHP Billiton (BLT) 749.20p -3.75%
Antofagasta (ANTO) 457.40p -2.56%
BP (BP.) 346.15p -2.04%
HSBC Holdings (HSBA) 430.45p -1.79%
Royal Dutch Shell 'A' (RDSA) 1,650.50p -1.58%
Royal Dutch Shell 'B' (RDSB) 1,662.00p -1.57%
Royal Bank of Scotland Group (RBS) 220.50p -1.39%