FTSE 100 movers: Financials lead fall, Next and ITV down on broker talk

A sharp drop in government bond yields on both sides of the Atlantic pulled the rug out from underneath life insurers and financial more generally.

As of 1624 GMT the yield on the benchmark 10-year Gilt was seven basis points lower to 1.07%, its lowest level since October, alongside similar-sized falls in US Treasury yields.

That saw the likes of Prudential and StanChart get hammered; with the latter likely also under the cosh on the back of a weaker than expected reading on Chinese manufacturing overnight.

Caixin's China factory sector purchasing managers' index slipped from a reading of 51.7 for March to 51.2 for February amid a slowdown in export orders and production.

Losses in financials also came against a backdrop of some market commentary over the weekend to the effect that Fed officials talking up the prospect for a total of four interest rate hikes in 2017 might be overstretching themselves.

Shares in Next also took a fall after analysts at Exane BNP Paribas downgraded the stock from 'Neutral' to 'Underperform', while ITV stock dropped as investors tuned out following M&A speculation in Friday.

Analysts at Liberum said the company itself had told them that a regulatory filing was not linked to rival Liberty upping their stake.

FTSE 100 - Risers

Provident Financial (PFG) 3,044.00p 1.57%
Mondi (MNDI) 1,955.00p 1.45%
Micro Focus International (MCRO) 2,305.00p 1.19%
Randgold Resources Ltd. (RRS) 7,035.00p 1.01%
Burberry Group (BRBY) 1,740.00p 0.93%
London Stock Exchange Group (LSE) 3,191.00p 0.63%
Scottish Mortgage Inv Trust (SMT) 368.30p 0.60%
Croda International (CRDA) 3,584.00p 0.56%
Admiral Group (ADM) 1,997.00p 0.40%
Babcock International Group (BAB) 885.50p 0.40%

FTSE 100 - Fallers

Next (NXT) 4,166.00p -3.56%
ITV (ITV) 213.30p -2.56%
Prudential (PRU) 1,653.00p -1.96%
Standard Chartered (STAN) 748.30p -1.93%
Hikma Pharmaceuticals (HIK) 1,944.00p -1.87%
3i Group (III) 736.50p -1.73%
Barclays (BARC) 221.45p -1.62%
Wolseley (WOS) 4,945.00p -1.49%
Paddy Power Betfair (PPB) 8,475.00p -1.45%
Land Securities Group (LAND) 1,044.00p -1.42%