FTSE 100 movers: Fresnillo hit by profit drop, Ashtead soars

4th Mar 2014 14:32

The picture on the FTSE was almost the reverse image of yesterday, with Fresnillo and Randgold Resources firmly lower as they tracked metal prices back into the red after rising strongly on Monday, when a reduction in risk appetite pushed investors towards safe-haven assets.Fresnillo in particular was lower, sliding after it reported a worse-than-expected 64% drop in 2013 profits, reflecting a decline in gold production and a fall in precious metal prices. Postal group Royal Mail was lower after Credit Suisse initiated coverage of the stock with an 'underperform' rating, saying that the valuation is "stretched" after recent share-price strength.Oil major BP was also subdued after a US court rejected calls to prevent certain compensation payments related the Deepwater Horizon oil spill. BP released a statement this morning saying it disagrees with the decision.Meanwhile, equipment rental business Ashtead surged after reporting a bumper set of third-quarter earnings, driven by a strong performance from its two main divisions. The group now expects full-year results to come in ahead of previous expectations.Jefferies upped its target price from 1,000p to 1,050p, while Panmure Gordon raised its from 971p to 1,047p. Both brokers maintained a 'buy' recommendation.Both William Hill and Aberdeen Asset Management recovered somewhat from sharp declines seen yesterday. The former benefitted from a target price upgrade by Barclays, from 375p to 393p, while Canaccord Genuity shifts its own target price from 408p to 412p. FTSE 100 - RisersAshtead Group (AHT) 943.50p +11.52%Coca-Cola HBC AG (CDI) (CCH) 1,513.00p +4.92%William Hill (WMH) 391.30p +3.38%Shire Plc (SHP) 3,402.00p +3.18%Persimmon (PSN) 1,474.00p +3.00%Capita (CPI) 1,147.00p +2.96%WPP (WPP) 1,290.00p +2.87%ITV (ITV) 201.70p +2.86%Travis Perkins (TPK) 1,958.00p +2.84%Aberdeen Asset Management (ADN) 384.00p +2.76%FTSE 100 - FallersFresnillo (FRES) 933.00p -3.81%Randgold Resources Ltd. (RRS) 4,890.00p -1.27%Royal Mail (RMG) 589.50p -0.76%BP (BP.) 491.80p -0.22%NR