FTSE 100 movers: Miners drag index lower, Shire rises on broker comments

4th Apr 2012 14:58

Metals and oil prices were performing poorly today after the Fed quashed expectations of extra stimulus last night, sending the miners to the bottom of the pile on London's blue-chip index. Fresnillo, Evraz, Polymetal, Rio Tinto and Antofagasta were firmly out of favour.Wolseley was down after trading without the right to its latest dividend. Power producer International Power was another faller, although not in the top ten, after its independent directors rejected the indicative 390p share offer from majority shareholder GDF SUEZ.Meanwhile, pharmaceuticals Shire was one of just three risers after Morgan Stanley reiterated its overweight rating on the stock. Gains were limited, however, by the broker's decision to cut its target price on the stock to 2,430p from 2,580p. Analyst Peter Verdult said: "We continue to believe Shire is one of the best positioned companies across pharma, underpinned by its exposure to the fast growing therapeutic categories of ADHD, orphan drugs and diabetes. Despite recent disappointments, we still forecast a 2012-15 earnings per share compound annual growth rate of 17%, with our 2015 forecast 14% ahead of consensus." FTSE 100 - RisersShire Plc (SHP) 2,061.00p +1.53%Tate & Lyle (TATE) 713.50p +0.28%GlaxoSmithKline (GSK) 1,430.00p +0.11%FTSE 100 - FallersFresnillo (FRES) 1,561.00p -6.58%Evraz (EVR) 358.20p -5.64%Weir Group (WEIR) 1,712.00p -4.30%Wolseley (WOS) 2,334.00p -4.27%Polymetal International (POLY) 897.50p -4.16%GKN (GKN) 200.40p -3.88%Barclays (BARC) 221.70p -3.76%Man Group (EMG) 125.50p -3.54%ITV (ITV) 85.55p -3.50%Marks & Spencer Group (MKS) 370.60p -3.44%NR