FTSE 100 movers: Banks rally; Ocado loses ground

London’s FTSE 100 was up 0.2% at 7,289.63 in afternoon trade on Monday.

Banks were on the rise ahead of trading updates later in the week, with Standard Charted, NatWest and HSBC all higher.

Miners also gained, with Anglo American, Glencore and Rio Tinto in the black.

Airtel Africa rose after its Kenyan subsidiary bought 60-megahertz of additional spectrum for $40m as part of an effort to support its 4G network capacity expansion in the market for both mobile data and fixed wireless home broadband capabilities.

On the downside, online supermarket Ocado fell after Berenberg cut its price target on the shares to 1,290p from 1,415p to reflect the capital raise and lower value attributed to Ocado Retail, but maintained its ‘buy’ rating.

"On 20 June, Ocado announced a £575m capital raise as well as a new £300m credit facility, providing c£2bn of liquidity," Berenberg noted.

"While an equity raise came as a surprise, particularly as previous messaging had indicated capital would be raised via debt, yields of unsecured debt have risen through 2022, and reducing the net debt provides more financial and strategic flexibility, in our view."

FTSE 100 - Risers

Standard Chartered (STAN) 591.40p 3.25%
Anglo American (AAL) 2,739.50p 2.78%
Glencore (GLEN) 433.35p 2.64%
Harbour Energy (HBR) 339.60p 2.35%
NATWEST GROUP PLC ORD 100P (NWG) 230.20p 2.27%
Rio Tinto (RIO) 4,876.00p 2.18%
HSBC Holdings (HSBA) 526.20p 2.14%
Airtel Africa (AAF) 168.10p 2.06%
BT Group (BT.A) 180.65p 1.95%
Mondi (MNDI) 1,441.50p 1.76%

FTSE 100 - Fallers

Ocado Group (OCDO) 768.00p -2.98%
Scottish Mortgage Inv Trust (SMT) 808.80p -2.72%
Endeavour Mining (EDV) 1,579.00p -2.47%
JD Sports Fashion (JD.) 138.40p -2.47%
Aveva Group (AVV) 2,343.00p -2.09%
RS Group (RS1) 993.00p -2.07%
SEGRO (SGRO) 1,059.00p -1.94%
Intertek Group (ITRK) 4,431.00p -1.90%
Experian (EXPN) 2,782.00p -1.83%
DCC (CDI) (DCC) 5,162.00p -1.79%