FTSE 100 movers: Barclays jumps on strategy update; miners lose ground

London’s FTSE 100 was down 0.3% at 7,708.51 in afternoon trade on Tuesday.

Barclays Bank jumped to the top of the index as it reported a fall in annual earnings after fourth-quarter profits dropped by 92%, but said it plans to return at least £10bn of capital to shareholders between 2024 and 204, through dividends and share buybacks. The bank also announced a £2bn cost-cutting drive.

Kathleen Brooks, research director at XTB, said: "Barclays' strategic review was punchy, and it essentially boils down to two things: cut costs aggressively and boost profits and continue to return capital to shareholders, to the tune of £10bn by 2026.

"This is exactly the type of message that shareholders love at the moment, and it is why the market has reacted with glee on Tuesday morning."

InterContinental Hotels was also higher after full-year results, while Aviva was boosted by an upgrade to ‘buy’ at Bank of America Merrill Lynch.

Antofagasta gained as the Chilean copper miner posted a 5.4% rise in full-year EBITDA and a 7.9% increase in revenue.

Rio Tinto and Anglo American were on the back foot, however, as copper prices fell.

FTSE 100 - Risers

Barclays (BARC) 159.96p 7.14%
InterContinental Hotels Group (IHG) 8,322.00p 5.34%
Marks & Spencer Group (MKS) 244.30p 2.39%
Aviva (AV.) 440.40p 2.35%
Antofagasta (ANTO) 1,806.00p 2.32%
Severn Trent (SVT) 2,577.00p 1.38%
Persimmon (PSN) 1,438.50p 1.34%
Centrica (CNA) 132.50p 1.30%
Whitbread (WTB) 3,555.00p 1.25%
Entain (ENT) 932.40p 1.13%

FTSE 100 - Fallers

Airtel Africa (AAF) 93.60p -2.40%
Rio Tinto (RIO) 5,298.00p -2.34%
Rightmove (RMV) 540.00p -1.89%
Scottish Mortgage Inv Trust (SMT) 784.00p -1.63%
Anglo American (AAL) 1,754.20p -1.44%
Weir Group (WEIR) 1,835.00p -1.34%
Ocado Group (OCDO) 527.80p -1.27%
Imperial Brands (IMB) 1,817.50p -1.22%
BP (BP.) 469.25p -1.18%
Unite Group (UTG) 991.50p -1.15%