FTSE 100 movers: Bank stocks up on Brexit confidence

The FTSE 100 ended Tuesday afternoon trading just in the green, as investors kept an eye on any Brexit-related developments ahead of a testimony by Federal Reserve Chair Janet Yellen

Intu Properties was among the risers, just a day after receiving a disappointing price target from analysts.

On Monday, Jefferies reiterated its recommendation on Intu as ‘underperform’, and slapped a target price of 229p on it, implying a potential downside of 21.5%.

The firm also purchased the half of Merry Hill Estate it didn’t own on Monday for £410m, giving it full ownership of the Merry Hill Shopping Centre, two retail parks, office and leisure spaces as well as development land.

Intu arranged a £500m loan with a 2018 maturity to cover the transaction, which will replace the current £191m facility.

Banks were also on the up, with Standard Life, Old Mutual and Barclays all featuring among the top risers, after they collectively turned down the chance to stock up on sterling ahead of Thursday’s EU referendum.

The Bank of England said banks took up just £370m of a loan facility established to ensure the institutions do not run low on pounds during the referendum and its aftermath.

“Last week we were staring into the abyss,” a banker told the Guardian, adding: “there is an element of confidence now.”

Miners were under pressure on the benchmark index, with Anglo American and Randgold Resources both among the top fallers in late trading.

Industrial metal prices fell earlier in the session, leading the FTSE 100 lower through the morning.

FTSE 100 - Risers

Mediclinic International (MDC) 923.00p 3.42%
Intu Properties (INTU) 308.50p 3.35%
Standard Life (SL.) 331.70p 2.60%
Old Mutual (OML) 188.30p 2.45%
Prudential (PRU) 1,317.50p 2.29%
Barclays (BARC) 180.65p 2.15%
Legal & General Group (LGEN) 231.00p 2.12%
Capita (CPI) 1,068.00p 2.10%
RSA Insurance Group (RSA) 475.10p 2.08%
Admiral Group (ADM) 1,974.00p 2.02%

FTSE 100 - Fallers

Informa (INF) 659.50p -1.86%
Anglo American (AAL) 660.20p -1.46%
Sky (SKY) 878.00p -1.07%
GKN (GKN) 284.80p -1.01%
TUI AG Reg Shs (DI) (TUI) 1,019.00p -0.97%
Berkeley Group Holdings (The) (BKG) 3,218.00p -0.83%
Taylor Wimpey (TW.) 186.50p -0.80%
CRH (CRH) 2,045.00p -0.78%
Centrica (CNA) 213.90p -0.74%
Marks & Spencer Group (MKS) 364.40p -0.74%