FTSE 100 movers: Easyjet soars but copper miners dive

The FTSE 100 rose 0.78% to 6,805.84 in late afternoon trade.

Easyjet rose as it reported an expected drop in profit and revenue for the year to the end of September. The low cost airline cut its dividend as it took a hit from terrorist attacks and as the UK’s decision to leave the European Union made the euro more expensive for British travellers over the summer. Share gains crossed over to peer International Airlines Consolidated Group.

Tesco was boosted by research by Kantar Worldpanel that showed the supermarket chain’s growth rate in the last three months was the fastest in three years. Despite the research showing that rivals Morrisons and Sainsburys conversely declined their shares also edged higher.

British Land advanced on the back of a Bloomberg report that Land Securities is likely to start building more London properties after the Brexit vote. “We will start again sooner than we would have done had we voted to remain in the EU, which is quite exciting,” said chief executive Robert Noel.

Royal Dutch Shell gained as oil prices bounced back from three sessions of losses amid hopes that OPEC will agree a production cut at its meeting later this month.

Mining company Anglo American took a hit as it announced that the value of rough diamond sales for De Beers’ ninth sales cycle of 2016 fell to $470m from $494m in the previous cycle.

Fellow miners Rio Tinto, BHP Biliton and Antofagasta declined as copper prices fell 1.69%.

“The copper market continues to pay for the investment excesses over the past five years and we currently have a small market surplus for the next couple of years. However, better than expected China demand and a possible increase in US infrastructure spend (as mooted by US president elect Donald Trump) may balance the market earlier than we currently expect,” HSBC said in a report.

Risers

Hikma Pharmaceuticals (HIK) 1,774.00p 9.24%
easyJet (EZJ) 1,085.00p 5.14%
Morrison (Wm) Supermarkets (MRW) 222.60p 4.70%
Tesco (TSCO) 214.65p 4.27%
Marks & Spencer Group (MKS) 342.50p 3.38%
Sainsbury (J) (SBRY) 243.80p 3.09%
British Land Company (BLND) 602.00p 2.47%
Royal Dutch Shell 'A' (RDSA) 1,975.50p 2.46%
BT Group (BT.A) 365.95p 2.32%
International Consolidated Airlines Group SA (CDI) (IAG) 450.90p 2.31%