FTSE 100 movers: Retailers on the rise but miners drop as iron ore retreats
London’s FTSE 100 was down 2% to 7,178.87 in afternoon trade as the pound surged versus the euro and the dollar after Prime Minister Theresa May announced plans for a snap general election on 8 June.
Retailers benefited from the strength in the pound, with Marks & Spencer, Next, Primark owner Associated British Foods and B&Q owner Kingfisher all trading higher.
On the downside, heavily-weighted mining stocks were the worst performers as iron ore prices in China fell to their lowest level since November. Anglo American, Glencore, BHP Billiton and Antofagasta were all sharply lower.
Oil stocks also gushed lower, with BP and Royal Dutch Shell both on the back foot as oil prices fell. West Texas Intermediate and Brent crude were down 0.6% to $52.36 a barrel and $55.01, respectively.
FTSE 100 - Risers
Marks & Spencer Group (MKS) 349.40p 0.75%
Barratt Developments (BDEV) 574.50p 0.44%
Kingfisher (KGF) 328.00p 0.31%
Next (NXT) 4,200.00p 0.17%
St James's Place (STJ) 1,066.00p 0.00%
Taylor Wimpey (TW.) 196.90p 0.00%
Associated British Foods (ABF) 2,709.00p -0.00%
Sky (SKY) 981.00p -0.15%
Hammerson (HMSO) 584.50p -0.17%
Persimmon (PSN) 2,217.00p -0.18%
FTSE 100 - Fallers
BHP Billiton (BLT) 1,208.00p -4.81%
Anglo American (AAL) 1,125.00p -3.85%
Glencore (GLEN) 297.70p -3.67%
Rio Tinto (RIO) 3,015.00p -3.40%
BP (BP.) 455.45p -3.32%
Barclays (BARC) 206.80p -2.75%
Royal Dutch Shell 'B' (RDSB) 2,134.00p -2.67%
Old Mutual (OML) 189.80p -2.62%
Royal Dutch Shell 'A' (RDSA) 2,053.00p -2.54%
Antofagasta (ANTO) 814.50p -2.46%