FTSE 100 movers: Banks rally; precious metals miners lose their shine

London’s FTSE 100 index was up 1% to 6,010.82 at 1310 BST, recouping recent Brexit-fuelled losses.

Banks were the best performers, rebounding from recent losses as worries about next week’s EU referendum receded for now, with campaigning on both sides of the debate on hold following the murder of Labour MP Jo Cox.

Lloyds was the standout gainer, however, after announcing on Thursday that it had won a UK Supreme Court ruling, ending a long-standing dispute about whether it was within its rights to buy back high-yielding bonds at par value.

Lloyds said Court had rejected an appeal by bondholders who argued that the redemption of £3.3bn in bonds at face value should not be allowed.

On the downside, precious metals miners Randgold Resources and Fresnillo were under pressure as investors took profits following recent gains, after the price of gold rallied amid Brexit fears.

National Grid was also under the cosh as MPs called for the company to be split up to create an American-style independent operator system.

The Energy and Climate Chance Committee said the electricity and gas network operator should be split up despite its technical expertise, as it faces conflicts of interest.

RBC Capital Markets said that while this is not news for National Grid, it should not be a complete surprise to the market as both Energy Secretary Amber Rudd’s precious comments – originally in November 2015 – and the request for a committee investigation were well known.

Risers

Lloyds Banking Group (LLOY) 64.19p 4.61%
Barclays (BARC) 165.10p 4.16%
Taylor Wimpey (TW.) 175.20p 3.98%
TUI AG Reg Shs (DI) (TUI) 996.00p 3.70%
Barratt Developments (BDEV) 529.50p 3.62%
Standard Chartered (STAN) 516.80p 3.62%
Royal Bank of Scotland Group (RBS) 220.90p 3.13%
Berkeley Group Holdings (The) (BKG) 3,040.00p 3.05%
Old Mutual (OML) 175.00p 3.00%
Ashtead Group (AHT) 987.00p 2.81%