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FTSE 100 movers: Fresnillo shines again; utilities fall
(Sharecast News) - London's FTSE 100 was down 0.1% at 8,308.44 in afternoon trade on Tuesday. Precious metals miner Fresnillo continued to shine as gold prices remained at record highs.
David Morrison, senior market analyst at Trade Nation, said: "Having broken above $2,700 for the first time ever in the early hours of Friday morning, gold continued its ascent yesterday, posting an intra-day record of $2,740. But it fell sharply soon after the US open to end the session slightly in the red. Despite this, it has made steady progress so far this morning and is back within a couple of dollars of yesterday's high.
"Gold is certainly showing some resilience, and the daily MACD remains encouraging, although both the weekly and monthly look very overbought. That would suggest, but not guarantee, that gold is getting ready for a pullback. Should that happen, then the depth and speed, along with where it finds support, should provide a bunch of clues over what happens next. For some, a sell-off now may signal that the bull run is over.
"For others, it may be an opportunity to load up. One thing is for sure, and that's that gold is finally being talked and written about as a worthwhile speculation, if not an outright investment. Meanwhile, silver is playing catch-up and back above $34 per ounce, its highest level in twelve years. If it can hold this level and consolidate, then further gains look likely."
On the downside, utilities were under the cosh, with British Gas owner Centrica, National Grid and SSE among the worst performers.
FTSE 100 - Risers
Fresnillo (FRES) 773.00p 3.41% Entain (ENT) 719.60p 1.75% Antofagasta (ANTO) 1,845.00p 1.65% easyJet (EZJ) 515.40p 1.54% Spirax Group (SPX) 6,765.00p 1.27% Rio Tinto (RIO) 5,017.00p 1.09% Mondi (MNDI) 1,280.50p 1.07% Smurfit Westrock (DI) (SWR) 3,419.00p 1.06% BAE Systems (BA.) 1,341.50p 1.05% Melrose Industries (MRO) 444.10p 1.00%
FTSE 100 - Fallers
Centrica (CNA) 124.30p -2.24% Admiral Group (ADM) 2,643.00p -2.04% Diploma (DPLM) 4,290.00p -1.88% National Grid (NG.) 1,002.00p -1.67% BT Group (BT.A) 143.75p -1.51% British Land Company (BLND) 422.20p -1.49% Vodafone Group (VOD) 73.40p -1.48% SSE (SSE) 1,872.50p -1.34% Land Securities Group (LAND) 627.00p -1.34% Phoenix Group Holdings (PHNX) 523.00p -1.32%
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