FTSE 100 movers: NatWest, Anglo up; Convatec falls on Peel Hunt downgrade

FTSE 100 (UKX) 8,132.15 0.66%

Decent gains in the banking sector were providing a lift to UK equity markets on Friday following better-than-expected results from NatWest, sending the FTSE 100 to yet another all-time high.

Stocks in the heavyweight mining sector were also boosting the benchmark index as commodity prices rose.

NatWest posted a less-than-expected 27% fall in first-quarter earnings, with pre-tax operating profits falling to £1.3bn from £1.8bn a year earlier. Analysts were forecasting a figure closer to £1.2bn. "NatWest Group has delivered a strong set of results for the first quarter - with an operating profit of £1.3 billion - as we remain focused on the priorities we set out in February, which will help us shape the future of this bank," said chief executive Paul Thwaite.

Lloyds, Standard Chartered and HSBC were also in demand, while Barclays was flat.

Mining stocks were mostly higher as iron ore, copper, silver and gold prices rose, with Rio Tinto, Glencore and Antofagasta in positive territory.

Anglo American gained again after a 16% surge the previous day, after rejecting an "opportunistic" £31bn bid from rival miner BHP, saying it significantly undervalued the company. "The BHP proposal is opportunistic and fails to value Anglo American's prospects, while significantly diluting the relative value upside participation of Anglo American's shareholders relative to BHP's shareholders," Anglo said in a statement, adding that the proposed structure was also "highly unattractive".

Convatec shares fell after Peel Hunt downgraded shares in the medical products company to 'reduce' from 'add' and cut the target price to 225p from 245p as the broker said it saw "turmoil" in the wound care market.

Market Movers

FTSE 100 - Risers

NATWEST GROUP (NWG) 308.00p 6.28%
Ashtead Group (AHT) 6,030.00p 4.69%
Anglo American (AAL) 2,656.00p 3.75%
Intermediate Capital Group (ICG) 2,048.00p 3.70%
RS Group (RS1) 732.50p 3.46%
Hikma Pharmaceuticals (HIK) 1,917.00p 3.40%
St James's Place (STJ) 433.80p 3.04%
Rolls-Royce Holdings (RR.) 417.80p 2.98%
Persimmon (PSN) 1,319.50p 2.88%
Centrica (CNA) 134.75p 2.55%

FTSE 100 - Fallers

Convatec Group (CTEC) 262.20p -4.86%
Entain (ENT) 785.20p -2.97%
Beazley (BEZ) 641.00p -2.66%
Ocado Group (OCDO) 354.10p -2.26%
Associated British Foods (ABF) 2,637.00p -1.82%
AstraZeneca (AZN) 11,926.00p -0.83%
BP (BP.) 523.20p -0.59%
Tesco (TSCO) 288.40p -0.48%
Admiral Group (ADM) 2,680.00p -0.45%
Imperial Brands (IMB) 1,822.50p -0.27%