FTSE 100 movers: ICG under the cosh; Utilities gain

(Sharecast News) - London's FTSE 100 was down 0.2% at 10,353.27 in afternoon trade on Wednesday.

ICG was under the cosh after Swiss alternative investment firm Partners Group capped withdrawals from one of its flagship funds.

In a letter to investors, seen by Bloomberg and other news outlets, the firm said it was limiting redemptions from its $8.6bn private equity Global Value SICAV fund to 5% of net asset value per quarter, after withdrawal requests reached an estimated 9.8% in the second quarter.

Partners defended the decision. It said there had been industry-wide volatility across open-ended evergreen funds since late 2025, and that redemption limitations were an "indispensable feature of private markets investing to protect long-term investors in an inherently illiquid asset class".

It added that 62% of redemption requests were met in May, but the fund would be gated in June.

Heavily-weighted miners Anglo American, Rio Tinto and Antofagasta were all down, while precious metals miner Fresnillo lost its shine as gold prices fell.

Utilities - which are defensive stocks - were on the rise, with SSE, United Utilities and National Grid among the top gainers.

FTSE 100 - Risers

SSE (SSE) 2,339.00p 3.72%

Bunzl (BNZL) 2,350.00p 3.24%

Compass Group 11 (CPG) 32.88p 2.74%

United Utilities Group (UU.) 1,312.00p 2.58%

Tesco (TSCO) 439.60p 2.25%

Smith & Nephew (SN.) 1,113.50p 2.15%

Sainsbury (J) (SBRY) 301.90p 2.02%

Whitbread (WTB) 2,331.00p 1.88%

GSK (GSK) 1,852.00p 1.68%

National Grid (NG.) 1,204.50p 1.52%

FTSE 100 - Fallers

ICG (ICG) 1,743.00p -6.04%

Anglo American (AAL) 4,099.00p -2.91%

Rio Tinto (RIO) 8,044.00p -2.88%

Fresnillo (FRES) 3,188.00p -2.61%

Metlen Energy & Metals (MTLN) 40.56p -2.43%

Prudential (PRU) 1,051.50p -2.28%

St James's Place (STJ) 1,169.50p -2.26%

Burberry Group (BRBY) 1,143.00p -2.14%

Antofagasta (ANTO) 4,294.00p -2.13%

Melrose Industries (MRO) 450.50p -2.09%