FTSE 100 movers: Banks rally; Fresnillo slumps again
By Michele Maatouk
Date: Thursday 27 Jan 2022
(Sharecast News) - London's FTSE 100 was up 1.2% at 7,560.67 in afternoon trade on Thursday.
Banks were the standout gainers after hawkish comments from the US Federal Reserve on Wednesday, with StanChart, HSBC, Barclays and NatWest all higher. HSBC was also boosted by an upgrade to 'outperform' at Exane.
Fresnillo was under the cosh for the second day running after RBC Capital Markets downgraded the precious metals miner to 'sector perform' from 'outperform' and slashed the price target to 575p from 1,025p.
The bank said Fresnillo's fourth quarter was modestly better than it expected but lower guidance on operational challenges, especially at Saucito, have driven its FY22 silver production estimate down 22.8%. "This sees RBCe EBITDA fall by 49%," RBC said. "Free cash flow falls around $500m to -$21m."
Premier Inn owner Whitbread was also down as it said it had appointed Hemant Patel as chief financial officer effective 21 March as Nicholas Cadbury leaves to join British Airways owner IAG.
FTSE 100 - Risers
Standard Chartered (STAN) 553.80p 5.69%
HSBC Holdings (HSBA) 544.50p 4.17%
Ashtead Group (AHT) 5,196.00p 2.85%
Diageo (DGE) 3,736.50p 2.52%
Rio Tinto (RIO) 5,562.00p 2.36%
Barclays (BARC) 206.90p 2.32%
Evraz (EVR) 505.80p 2.29%
NATWEST GROUP PLC ORD 100P (NWG) 249.40p 2.13%
Smith (DS) (SMDS) 373.40p 2.08%
National Grid (NG.) 1,095.80p 2.01%
FTSE 100 - Fallers
Fresnillo (FRES) 650.80p -5.38%
Sage Group (SGE) 689.20p -3.34%
London Stock Exchange Group (LSEG) 6,992.00p -3.21%
Polymetal International (POLY) 1,119.00p -3.20%
Aveva Group (AVV) 2,792.00p -2.41%
Intermediate Capital Group (ICP) 1,861.50p -2.33%
Scottish Mortgage Inv Trust (SMT) 1,053.00p -2.27%
InterContinental Hotels Group (IHG) 4,746.00p -2.08%
Whitbread (WTB) 2,983.00p -1.84%
B&M European Value Retail S.A. (DI) (BME) 551.20p -1.71%
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