FTSE 100 movers: RBS rallies on results but Barclays slumps

London’s FTSE 100 was down 0.4% to 7,211.90 in afternoon trade as investors digested disappointing UK GDP figures for the first quarter.

Royal Bank of Scotland rallied as it said it broke into the black in the first quarter of 2017, the first quarterly profit since 2015 as total income and margins both improved.

The taxpayer-owned bank swung to a net profit of £259m in the first three months of 2017, up from a £968m loss a year ago and the £4.4bn loss in the fourth quarter of last year.

Micro Focus International was lifted by an initiation at ‘buy’ at Deutsche Bank, which set a 2,900p price target on the stock.

“We believe the current share price applies a conservative discount to the proposed synergies from the HP Software deal and forecast a 13% earnings per share compound annual growth rate FY17-20, normalising to 6% thereafter, supported by a low-mid single digit % dividend yield,” the bank said.

On the downside, Barclays fell despite saying profits more than doubled in the first three months of the year, as the bank also announced it was booking a one-off £884m charge on its Africa business.

Mediclinic was also weaker, giving back some of the strong gains from the previous session, when it surged on news that Abu Dhabi has ditched cost-sharing on private medical treatment.

Risers

Royal Bank of Scotland Group (RBS) 265.10p 4.62%
Anglo American (AAL) 1,114.50p 2.44%
Morrison (Wm) Supermarkets (MRW) 239.80p 2.30%
Antofagasta (ANTO) 836.00p 2.14%
International Consolidated Airlines Group SA (CDI) (IAG) 559.00p 1.91%
Micro Focus International (MCRO) 2,597.00p 1.80%
BHP Billiton (BLT) 1,174.00p 1.78%
Rio Tinto (RIO) 3,082.00p 1.72%
Kingfisher (KGF) 341.20p 1.61%
Glencore (GLEN) 304.45p 1.60%

Fallers

Barclays (BARC) 212.60p -5.07%
Royal Mail (RMG) 404.30p -3.49%
Mediclinic International (MDC) 830.50p -3.32%
Reckitt Benckiser Group (RB.) 7,023.00p -2.38%
BT Group (BT.A) 302.30p -1.88%
Hargreaves Lansdown (HL.) 1,381.00p -1.78%
Vodafone Group (VOD) 199.00p -1.56%
United Utilities Group (UU.) 970.00p -1.42%
National Grid (NG.) 993.60p -1.33%
WPP (WPP) 1,658.00p -1.31%