FTSE 100 movers: Fresnillo shines; banks fall

(Sharecast News) - London's FTSE 100 was up 0.9% at 7,398.79 in afternoon trade on Monday. Precious metals miner Fresnillo was the standout gainer as gold prices rose. Oanda market analyst Craig Erlam said: "The yellow metal has been buoyed by lower yields, a softer dollar, and a flight for safety over the last couple of weeks."

Miners were also on the rise, with Anglo American, Glencore and Antofagasta all up.

Glencore was boosted by an upgrade to 'buy' from 'neutral' at UBS, which said the risk/reward was now attractive after the recent selloff.

UBS noted that the shares are down around 26% from the January high, underperforming Rio Tinto and BHP by more than 10%. This is mainly due to increasing macro concerns and the weaker thermal coal price, it said.

"We believe the risk/ reward is again attractive and concerns of further softening in thermal coal/curtailing of cobalt production are priced in," the bank said.

Banks were still under the cosh as investors digested news that UBS has agreed to take over Credit Suisse. Standard Chartered, Barclays, HSBC and NatWest all fell, although losses were much less pronounced than earlier in the day.

FTSE 100 - Risers

Fresnillo (FRES) 742.60p 4.59% Anglo American (AAL) 2,614.50p 4.41% Glencore (GLEN) 450.55p 4.14% Antofagasta (ANTO) 1,502.00p 4.02% Endeavour Mining (EDV) 1,826.00p 3.75% Frasers Group (FRAS) 746.00p 3.40% International Consolidated Airlines Group SA (CDI) (IAG) 137.72p 3.35% Smurfit Kappa Group (CDI) (SKG) 2,905.00p 2.76% Abrdn (ABDN) 204.60p 2.66% BAE Systems (BA.) 929.40p 2.63%

FTSE 100 - Fallers

Standard Chartered (STAN) 613.00p -3.31% Barclays (BARC) 136.44p -2.24% Scottish Mortgage Inv Trust (SMT) 662.40p -1.31% Centrica (CNA) 100.25p -0.94% Rentokil Initial (RTO) 543.00p -0.69% HSBC Holdings (HSBA) 539.70p -0.44% NATWEST GROUP (NWG) 256.90p -0.43% British American Tobacco (BATS) 2,936.00p -0.42% F&C Investment Trust (FCIT) 907.00p -0.33% DCC (CDI) (DCC) 4,277.00p -0.30%