FTSE 100 movers: Lloyds rallies; Rightmove hit by downgrade
By Michele Maatouk
Date: Tuesday 21 Jan 2025
(Sharecast News) - London's FTSE 100 was flat at 8,525.54 in afternoon trade on Tuesday.
Lloyds Banking was the top gainer on the index following reports that Chancellor Rachel Reeves has launched a bid to protect car-loan providers from multibillion-pound payouts in a landmark mis-selling case.
Lloyds owns motor finance provider Black Horse.
According to the Financial Times, the Treasury has sought permission to intervene in the Supreme Court.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said the UK government's backing in the motor finance case is a clear positive for Lloyds, which is the bank most exposed to the issue.
"By urging the Supreme Court to adopt a fair and measured approach, the Treasury is helping to ease fears of hefty penalties, potentially softening the financial blow for lenders. While Barclays has less exposure and NatWest none, the government's bank-friendly stance should help lift confidence across the sector," he said.
Property portal Rightmove was under the cosh after a downgrade to 'underperform' at Jefferies, while Anglo American fell after a downgrade to 'hold' at SBG Securities.
Primark owner Associated British Foods was also weaker after a downgrade to 'underweight' at Morgan Stanley.
FTSE 100 - Risers
Lloyds Banking Group (LLOY) 61.02p 4.02%
Games Workshop Group (GAW) 13,780.00p 1.70%
Airtel Africa (AAF) 125.80p 1.62%
Ashtead Group (AHT) 5,388.00p 1.09%
AstraZeneca (AZN) 10,906.00p 1.04%
Auto Trader Group (AUTO) 792.40p 1.02%
Admiral Group (ADM) 2,638.00p 0.88%
Kingfisher (KGF) 250.00p 0.85%
Beazley (BEZ) 840.50p 0.84%
Scottish Mortgage Inv Trust (SMT) 1,051.00p 0.82%
FTSE 100 - Fallers
Rightmove (RMV) 642.40p -3.31%
Anglo American (AAL) 2,568.50p -1.98%
Associated British Foods (ABF) 1,964.00p -1.90%
Sainsbury (J) (SBRY) 260.00p -1.81%
Haleon (HLN) 367.50p -1.58%
Glencore (GLEN) 381.95p -1.36%
British Land Company (BLND) 353.20p -1.34%
SEGRO (SGRO) 701.40p -1.32%
Mondi (MNDI) 1,208.50p -1.31%
Unite Group (UTG) 824.00p -1.20%
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