FTSE 100 movers: Housebuilders, banks tumble; Randgold shines

The FTSE 100 was down 3.5% to 6,114.73 in afternoon trading, still firmly in the red but well off its earlier lows and outperforming European peers, as investors reacted to news that Britain has opted to leave the European Union.

Unsurprisingly, housebuilders took the brunt of the selling as investors in the UK tried to gauge the impact of Brexit on the wider economy. Persimmon, Taylor Wimpey, Barratt Developments and Berkeley Group all tumbled.

Banks were also under the cosh, with Lloyds and Barclays both over 20% weaker.

Shore Capital said: “Although banks are much better capitalised and funded than they were prior to the credit crisis to withstand such stress scenarios, they remain highly levered equity investments, which makes accurately calling valuations very difficult even at the best of times.

“Domestic bank and lending names will undoubtedly be hit hardest on fears of higher bad debt and lower revenue, but this will likely take time to emerge.”

Although it certainly felt like it, it wasn’t all doom and gloom in equity markets.

Randgold Resources and Fresnillo shone as gold and silver prices advanced.

Meanwhile, sin stocks British American Tobacco and Imperial Brands also racked up healthy gains, while aerospace and defence firm Rolls-Royce rallied. RR was quick to point out on Friday that two third of its revenue and three quarters of its order book are generated outside the EU, so there will be no immediate impact on the day-to-day business.

Risers

Randgold Resources Ltd. (RRS) 7,750.00p 20.06%
Fresnillo (FRES) 1,412.00p 13.96%
ARM Holdings (ARM) 1,060.00p 4.02%
British American Tobacco (BATS) 4,435.00p 3.73%
Compass Group (CPG) 1,347.00p 3.70%
Rolls-Royce Holdings (RR.) 663.00p 2.87%
GlaxoSmithKline (GSK) 1,468.50p 2.76%
Imperial Brands (IMB) 3,776.50p 2.68%
Diageo (DGE) 1,878.50p 2.48%
Mediclinic International (MDC) 974.50p 2.31%

Fallers

Persimmon (PSN) 1,544.00p -26.41%
Taylor Wimpey (TW.) 144.70p -24.79%
Barratt Developments (BDEV) 441.40p -23.57%
International Consolidated Airlines Group SA (CDI) (IAG) 403.90p -23.50%
British Land Company (BLND) 594.50p -22.03%
Lloyds Banking Group (LLOY) 56.94p -21.08%
Berkeley Group Holdings (The) (BKG) 2,599.00p -20.88%
Barclays (BARC) 148.60p -20.51%
ITV (ITV) 177.20p -19.16%
Land Securities Group (LAND) 967.00p -18.74%