FTSE 100 movers: Housebuilders rally; Melrose in the red again
London's FTSE 100 was down 0.4% at 8,649.40 in afternoon trade on Friday.
Housebuilders Taylor Wimpey, Barratt Redrow and Persimmon were on the rise as the latest data from mortgage lender Halifax showed that house prices unexpectedly dipped in February.
Prices nudged down 0.1% following a 0.6% increase in January, and versus expectations for them to tick up 0.3%.
On the year, house prices were up 2.9% in February, unchanged on the previous month.
The average price of a home stood at £298,602, down from £298,815.
Russ Mould, investment director at AJ Bell, said: "Housebuilders seem to be breathing a sigh of relief after the latest UK house price figures. The market has stalled but not slumped as the stamp duty holiday approaches its end.
"While the latest Halifax figures were below expectations, they were hardly a disaster. While the tailwind as people rushed to beat the deadline has now played out, the country's supply and demand dynamics can continue to support property prices.
"A fragile recovery in the housebuilding space needs support from a resilient market as the sector contends with pockets of inflation in build costs."
Barratt Redrow was also in focus as it announced that its chief operating officer and deputy chief executive Steven Boyes is planning to retire later this year after nearly five decades of service.
Fresnillo shone as Berenberg upgraded shares of the precious metals miner to 'buy' from 'hold' and lifted the price target 1,020p form 840p following full-year results earlier in the week.
The bank said the showcased improving financials, underpinned by robust precious metals prices, operational stability, as well as better cost control that in its view underpins better visibility on shareholder returns.
On the downside, Melrose Industries slumped again following full-year results a day earlier.
FTSE 100 - Risers
Taylor Wimpey (TW.) 112.80p 2.36%
JD Sports Fashion (JD.) 77.20p 2.06%
Fresnillo (FRES) 855.50p 2.03%
Vodafone Group (VOD) 70.96p 1.95%
Barratt Redrow (BTRW) 423.10p 1.80%
Reckitt Benckiser Group (RKT) 5,380.00p 1.62%
BT Group (BT.A) 154.85p 1.61%
Kingfisher (KGF) 256.00p 1.47%
Persimmon (PSN) 1,174.00p 1.29%
Legal & General Group (LGEN) 247.70p 1.23%
FTSE 100 - Fallers
Melrose Industries (MRO) 526.40p -5.39%
Schroders (SDR) 406.80p -5.00%
Anglo American (AAL) 2,371.50p -3.70%
International Consolidated Airlines Group SA (CDI) (IAG) 315.50p -2.62%
Diageo (DGE) 2,157.50p -2.60%
Glencore (GLEN) 319.50p -2.44%
easyJet (EZJ) 492.70p -2.36%
CRH (CDI) (CRH) 7,708.00p -2.13%
Antofagasta (ANTO) 1,824.00p -2.12%
Hikma Pharmaceuticals (HIK) 2,120.00p -2.03%
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