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FTSE 100 movers: Fresnillo leads miners lower

Tue, 06th Aug 2013 15:10

Mining stocks were dominating the fallers list on the FTSE 100 on Tuesday with precious metals group Fresnillo leading the way lower following some disappointing first-half results.Fresnillo's share price was down nearly 9.5% in afternoon trade after a 27% decline in gross profit to $518.9m in the first half as revenues dropped on falling gold and silver prices.Sector peers Randgold, Vedanta, Antofagasta, Glencore Xstrata, Anglo American and Rio Tinto were also registering falls today.Leading the upside was hotels group InterContinental which impressed with a $350m special dividend as it reported that revenue per available room rose 3.7% in the first half.Emerging markets-focused bank Standard Chartered also rose strongly after posting a 4.0% rise in adjusted first-half profits to $4.09bn and lifting its interim dividend by 6.0%.Quality control and testing firm Intertek wasn't far behind after RBC Capital Markets upgraded its recommendation to 'sector performer' and hiked its target price from 2,850p to 3,050p.Financial services organisation Legal & General was also higher after its first-half results saw double-digit growth in sales, cash generation and profits.Broker downgrades were dampening the share prices of a number of heavyweight stocks: consumer products group Unilever was lower after JPMorgan Cazenove downgraded the stock to 'neutral'; GlaxoSmithKline was down after Citigroup reduced its rating to 'neutral'; meanwhile banking group HSBC was extending losses made yesterday after disappointing with its interim report as Deutsche Bank lowering its rating to 'hold'.FTSE 100 - RisersInterContinental Hotels Group (IHG) 2,005.00p +5.08%Standard Chartered (STAN) 1,571.50p +3.12%Intertek Group (ITRK) 3,173.00p +2.85%Wolseley (WOS) 3,328.00p +2.81%Legal & General Group (LGEN) 202.50p +2.58%TUI Travel (TT.) 398.80p +1.73%Aberdeen Asset Management (ADN) 385.30p +1.45%Standard Life (SL.) 394.90p +1.26%Diageo (DGE) 2,128.50p +1.09%Tesco (TSCO) 372.00p +1.05%FTSE 100 - FallersFresnillo (FRES) 939.00p -9.45%Randgold Resources Ltd. (RRS) 4,423.00p -5.65%Vedanta Resources (VED) 1,172.00p -5.48%Antofagasta (ANTO) 856.00p -4.20%Glencore Xstrata (GLEN) 278.45p -3.85%Anglo American (AAL) 1,421.50p -3.66%Rio Tinto (RIO) 2,990.00p -1.82%Rexam (REX) 506.50p -1.65%Admiral Group (ADM) 1,308.00p -1.65%Eurasian Natural Resources Corp. (ENRC) 221.30p -1.60%BC

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