FTSE 100 movers: Weir rockets on quarterly beat, Antofagasta hit by production cuts

LONDON (ShareCast) - Industrial engineer Weir Group topped the risers after delivering a better-than-expected first quarter from minerals, its largest division. However, the company did say it was "taking further action to support profitability" in its oil and gas division amid tough conditions. Shares (Berlin: DI6.BE - news) of Intercontinental Hotels (LSE: IHG.L - news) surged on takeover speculation linked to first-quarter results from Starwood Hotels in the US. Starwood reported earnings of 65 cents, above the consensus of 56 cents, and announced they are exploring "strategic alternatives".

High street retailer Next was making gains after its first-quarter sales rose 3.2%, ahead of the 0-to-3% guidance given in March. More than half of the rise came from the opening of new space, with warmer weather and an earlier brochure the key to the outperformance.

Vodafone was performing well after the telecoms stock was upgraded by Berenberg to 'buy'. The broker hiked its target price for the shares from 214p to 270p.

Sainsbury was trading higher after initial falls when it emerged that chief executive Mike Coupe had been handed a two year jail sentence in Egypt for embezzlement. The company refuted the allegations.

Leading the fallers, Antofagasta (Other OTC: ANFGF - news) dropped as the copper miner scaled back its production guidance after first-quarter output was affected by numerous water issues at its Los Pelambres and Centinela projects.

Royal Bank of Scotland (LSE: RBS.L - news) continued lower ahead of results on Thursday, with the bank's profits expected to plunge. On Tuesday it emerged that the chief executive of Williams & Glynn, the high street banking business that RBS being forced to spin out, had quit less than 18 months into the role.

BHP Billiton (NYSE: BBL - news) remained in the fallers following its weak third-quarter results on Tuesday, when Investec (LSE: INVP.L - news) gave the company a 'sell' rating and lowered its target price of 1,329p.

Risers Weir Group (WEIR) 1,800.00p +3.57% InterContinental Hotels Group (IHG) 2,901.00p +3.46% Next (NXT) 7,325.00p +2.23% Coca-Cola HBC AG (CDI) (CCH) 1,414.00p +1.87% Vodafone Group (VOD) 232.95p +1.39% Sainsbury (J) (SBRY) 268.30p +0.83% Royal Mail (LSE: RMG.L - news) (RMG) 441.10p +0.80% BAE Systems (LSE: BA.L - news) (BA.) 509.00p +0.69% Hargreaves Lansdown (LSE: HL.L - news) (HL (Shenzhen: 002105.SZ - news) .) 1,232.00p +0.65% Aberdeen Asset Management (Other OTC: ABDNF - news) (ADN) 466.70p +0.63% Fallers Antofagasta (LSE: ANTO.L - news) (ANTO) 775.00p -3.37% Hikma Pharmaceuticals (LSE: HIK.L - news) (HIK) 2,057.00p -3.02% Royal Bank of Scotland Group (RBS) 346.30p -2.51% BHP Billiton (BLT) 1,552.00p -2.36% Persimmon (PSN) 1,683.00p -2.32% Barratt Developments (LSE: BDEV.L - news) (BDEV) 508.00p -2.31% Mondi (MNDI) 1,310.00p -2.17% Rio Tinto (Xetra: 855018 - news) (RIO) 2,916.00p -2.13% CRH (CRH (NYSE: CRH - news) ) 1,852.00p -2.11% Shire Plc (Xetra: S7E.DE - news) (SHP) 5,285.00p -2.04%