FTSE 100 movers: Housebuilders recoup some losses; Lloyds falls

London’s FTSE 100 was down 0.1% at 7,453.97 in afternoon trade on Monday.

Housebuilders were in the black, having tumbled last week amid worries about surging borrowing costs. Berkeley, Taylor Wimpey and Barratt all rose.

Lloyds was in the red as JPMorgan Cazenove downgraded its stance on the bank to ‘underweight’ from ‘neutral’ as it took a look at UK banks.

JPM said that with the scenario of further rate hikes well into restrictive territory now on the table, its house view is that probability of a hard landing for the UK economy is higher and it now expects earnings per share cuts for the UK banks to intensify with risks to capital return and asset quality.

"We are cutting our already below consensus EPS forecasts by another 3-9% for FY24/25 and are now double digits below consensus," it said.

FTSE 100 - Risers

Whitbread (WTB) 3,344.00p 2.23%
Berkeley Group Holdings (The) (BKG) 3,855.00p 2.17%
Taylor Wimpey (TW.) 102.55p 1.84%
Sainsbury (J) (SBRY) 261.90p 1.83%
Antofagasta (ANTO) 1,478.00p 1.76%
Barratt Developments (BDEV) 413.70p 1.55%
JD Sports Fashion (JD.) 145.75p 1.36%
Anglo American (AAL) 2,278.00p 1.33%
Next (NXT) 6,700.00p 1.33%
Admiral Group (ADM) 2,144.00p 1.32%

FTSE 100 - Fallers

Ocado Group (OCDO) 520.60p -3.16%
Vodafone Group (VOD) 71.27p -1.95%
Haleon (HLN) 320.90p -1.87%
Endeavour Mining (EDV) 1,854.00p -1.70%
BAE Systems (BA.) 922.00p -1.68%
Convatec Group (CTEC) 207.40p -1.43%
Airtel Africa (AAF) 110.70p -1.07%
Coca-Cola HBC AG (CDI) (CCH) 2,316.00p -1.07%
Unite Group (UTG) 848.00p -1.05%
Lloyds Banking Group (LLOY) 41.89p -1.03%