FTSE 100 movers: Rolls-Royce leads index higher

The FTSE 100 was set to end the week having reduced some of its losses, with the index up 108.93 points (1.97%) to 5,645.90.

Rolls-Royce Holdings led the charge as it cut its final and next interim dividend by 50% and dismissed the need for a rights issue.

Lifting the mood, full year underlying profits did not fall as far as some feared and the FTSE 100 company kept its trading outlook for 2016 unchanged, saying it had identified half of the cost savings it needed to make in order to help ease the cash crunch.

Following a string of five profit warnings in the last two years, the engine maker delivered results largely in line with guidance from last summer, with revenue down 1% to £13.4bn and underlying pre-tax profit falling 12% to £1.43bn at constant exchange rates. The consensus profit forecast pointed to a sharper fall to just over £1.3bn, the lower end of the company’s guidance.

Earnings per share were down 10% at the underlying level to 58.7p.

Elsewhere, miners featured on the risers list as metal prices rebounded. Of them, Anglo American surged ahead over 14% with the rise in metal prices compounded on reports that X2 Resources is interested in the company’s Brazilian mines.

However with gold’s drastic rise to over $1,200 stopping in its tracks as the market recovered, shares in Randgold Resources and Fresnillo were down for the day.

Standard Chartered also had a good day after Investec upgraded it to ‘buy’ from ‘hold’, with the stock trading at a fresh 21st century low of 387p.

The broker said it was little surprise StanChart has been almost the worst performing UK bank year-to-date, given the way 2016 has played out so far.

Investec said StanChart’s path back to “normalised” returns remains long and deeply uncertain.

“Aside from its disproportionate ($43.2bn) commodities-related exposure, with adverse implications for revenues and impairments, the blow-out in CDS spreads and yields for AT1 securities has implications for its intended $4bn of further AT1 issuance.”

FTSE 100 - Risers

Rolls-Royce Holdings (RR.) 624.50p 17.83%
Anglo American (AAL) 360.45p 14.08%
Glencore (GLEN) 96.17p 9.68%
Standard Chartered (STAN) 418.05p 8.12%
BHP Billiton (BLT) 674.70p 6.40%
Rio Tinto (RIO) 1,812.00p 6.28%
Antofagasta (ANTO) 413.60p 6.19%
Worldpay Group (WI) (WPG) 285.80p 5.85%
Burberry Group (BRBY) 1,172.00p 5.68%
Provident Financial (PFG) 2,958.00p 5.30%

FTSE 100 - Fallers

Tesco (TSCO) 175.30p -2.39%
Randgold Resources Ltd. (RRS) 6,020.00p -1.79%
Hikma Pharmaceuticals (HIK) 1,849.00p -1.39%
Fresnillo (FRES) 866.00p -1.03%
Imperial Brands (IMB) 3,563.00p -0.68%
BT Group (BT.A) 447.70p -0.61%
Persimmon (PSN) 1,869.00p -0.16%
SABMiller (SAB) 4,127.50p -0.13%
CRH (CRH) 1,658.00p -0.12%
TUI AG Reg Shs (DI) (TUI) 1,008.00p -0.10%