FTSE 100 movers: Standard Chartered in favour; Direct Line gives up gains

Investors gave Standard Chartered the thumbs up on Wednesday as the bank reported a slump in first half profits but managed to cut bad debts. The FTSE 100 firm led the risers.

First-half profits fell to $893m from $2.1bn as income fell on the back of weaker growth in key markets and a group restructuring.

Shareholders will not receive a dividend and the company warned that economies had slowed even further this year and the outlook was more cautious. Underlying pre-tax profits fell to $994m from $1.8bn, while operating income fell 20% to $6.8bn. There was also a 34% improvement on bad loans to $1.1bn.

Other banks were boosted by a 2019 deadline for PPI claims with Barclays, Royal Bank of Scotland and HSBC all up.

Investors were no doubt pleased with HSBC's news of a $2.5bn (£1.8bn) share buyback thanks to the sale of the bank's Brazilian business.

Fashion retailer Next was also sashaying higher despite a mixed second quarter update, with group sales rising 0.3% on the same period a year ago but retail sales down 3.3%.

Rio Tinto was on the back foot as its first half results showed profits fell to a 12-year low as crumbling commodity prices hit home.

Direct Line and Admiral gave up gains from Tuesday.

Market Movers

FTSE 100 (UKX) 6,633.82 -0.17%

FTSE 100 - Risers

Standard Chartered (STAN) 629.30p 6.73%
HSBC Holdings (HSBA) 507.60p 5.14%
Associated British Foods (ABF) 2,832.00p 4.19%
Next (NXT) 5,320.00p 3.70%
GKN (GKN) 291.40p 1.75%
Royal Bank of Scotland Group (RBS) 188.60p 1.51%
Mediclinic International (MDC) 1,060.00p 1.44%
Barclays (BARC) 147.75p 1.20%
BT Group (BT.A) 408.30p 1.16%
BHP Billiton (BLT) 945.70p 0.89%

FTSE 100 - Fallers

Direct Line Insurance Group (DLG) 391.80p -2.03%
Persimmon (PSN) 1,650.00p -1.90%
Admiral Group (ADM) 2,173.00p -1.72%
British American Tobacco (BATS) 4,740.00p -1.67%
United Utilities Group (UU.) 988.50p -1.64%
Imperial Brands (IMB) 3,983.00p -1.61%
Taylor Wimpey (TW.) 149.20p -1.58%
Relx plc (REL) 1,412.00p -1.53%
Paddy Power Betfair (PPB) 8,425.00p -1.52%
Babcock International Group (BAB) 954.00p -1.50%