FTSE 100 movers: NatWest jumps on results; SSE hit by downgrade

London’s FTSE 100 was flat at 8,270.58 in afternoon trade on Friday.

NatWest jumped to the top of the index as it raised its full-year income forecasts after a strong third quarter, in which profits jumped by 34.6% on last year. Profit for the three months to 30 September totalled £1.24bn, up from £924m, as total income rose 7.3% to £3.49bn.

The banking group said it now expects to achieve a return on tangible equity above 15%, up one percentage point on previous guidance, while adjusted income should come in at £14.4bn, compared with an earlier forecast of £14bn.

Lloyds was under the cosh after the Court of Appeal ruled in favour of British consumers that motor dealers acting as credit brokers owe a fiduciary duty to their customers. Lloyds provide motor finance.

Airtel Africa slumped as it posted a decline in first-half profit and revenues.

In the half year to 30 September, revenue fell 9.7% $2.37bn, hit in particular by “significant” currency devaluations in Nigeria, Malawi, Zambia and Tanzania. Meanwhile, operating profit was down 20.3% to $706m.

SSE was knocked lower by a downgrade to ‘sell’ at Citi. The bank said: "SSE has an attractive set of networks and renewable assets. However, we are increasingly concerned around the deployment of its offshore wind fleet and see risks of further delays, which could impact EPS and/or returns."

FTSE 100 - Risers

NATWEST GROUP (NWG) 375.10p 5.28%
Anglo American (AAL) 2,427.00p 4.45%
Barclays (BARC) 245.00p 2.88%
London Stock Exchange Group (LSEG) 10,620.00p 2.26%
Unilever (ULVR) 4,757.00p 2.24%
Scottish Mortgage Inv Trust (SMT) 869.00p 2.19%
Standard Chartered (STAN) 860.40p 2.16%
Auto Trader Group (AUTO) 888.60p 1.93%
Intermediate Capital Group (ICG) 2,124.00p 1.82%
CRH (CDI) (CRH) 7,134.00p 1.39%

FTSE 100 - Fallers

Smith & Nephew (SN.) 1,078.00p -4.01%
Lloyds Banking Group (LLOY) 59.42p -3.57%
SSE (SSE) 1,825.50p -3.54%
United Utilities Group (UU.) 1,045.50p -2.38%
Severn Trent (SVT) 2,624.00p -2.24%
Convatec Group (CTEC) 218.60p -2.15%
BAE Systems (BA.) 1,295.00p -2.12%
Reckitt Benckiser Group (RKT) 4,858.00p -1.92%
Airtel Africa (AAF) 112.40p -1.83%
AstraZeneca (AZN) 11,640.00p -1.59%