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FTSE 100 movers: JD Sports gains ahead of update; utilities drop
(Sharecast News) - London's FTSE 100 was flat at 8,275.03 in afternoon trade on Wednesday. JD Sports rallied ahead of a second-quarter trading update on Thursday.
Anglo American and Rio Tinto both gained as metals prices rose.
Dan Coatsworth, investment analyst at AJ Bell, said: "The mining sector was a rare bright spot on the FTSE 100 on Wednesday as names including Rio Tinto and Glencore pushed higher amid stronger metal prices.
"Just days after iron ore prices hit their lowest level in two years, the metal staged a small recovery amid hopes that stimulus measures in China could help to avoid a major slump in demand for the metal.
"Iron ore is a key component in steelmaking and is used in property construction. China has suffered from a big slump in its real estate sector, with countless properties either sitting empty or half-built.
"Reports that local governments in the country might be allowed to buy unsold homes received a positive reaction from the markets, but it is hard to see how this will be enough to properly rejuvenate the sector."
Utilities were on the back foot, with Severn Trent, United Utilities and SSE all down.
FTSE 100 - Risers
Airtel Africa (AAF) 114.80p 3.99% JD Sports Fashion (JD.) 126.65p 2.80% Anglo American (AAL) 2,293.50p 2.21% Diageo (DGE) 2,487.50p 1.88% Rio Tinto (RIO) 4,858.00p 1.70% Prudential (PRU) 662.60p 1.56% Croda International (CRDA) 3,922.00p 1.55% Rentokil Initial (RTO) 486.80p 1.35% Entain (ENT) 643.60p 1.29% Fresnillo (FRES) 554.50p 1.28%
FTSE 100 - Fallers
Severn Trent (SVT) 2,479.00p -2.09% United Utilities Group (UU.) 968.80p -1.56% 3i Group (III) 3,174.00p -1.34% BT Group (BT.A) 134.95p -0.99% Taylor Wimpey (TW.) 164.05p -0.91% SEGRO (SGRO) 865.60p -0.89% Unite Group (UTG) 944.00p -0.84% AstraZeneca (AZN) 13,004.00p -0.75% SSE (SSE) 1,864.00p -0.72% Pearson (PSON) 1,033.00p -0.67%
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