FTSE 100 movers: Financials lead fall, Next and ITV down on broker talk
A sharp drop in government bond yields on both sides of the Atlantic pulled the rug out from underneath life insurers and financial more generally.
Banks
4,420.39
17:14 04/10/24
FTSE 100
8,280.63
16:49 04/10/24
FTSE 350
4,570.17
17:14 04/10/24
FTSE All-Share
4,527.24
16:54 04/10/24
General Retailers
4,211.99
17:14 04/10/24
ITV
78.85p
16:44 04/10/24
Life Insurance
5,695.46
17:14 04/10/24
Media
12,325.15
17:14 04/10/24
Next
9,938.00p
16:45 04/10/24
Prudential
709.00p
17:00 04/10/24
Standard Chartered
828.00p
17:15 04/10/24
As of 1624 GMT the yield on the benchmark 10-year Gilt was seven basis points lower to 1.07%, its lowest level since October, alongside similar-sized falls in US Treasury yields.
That saw the likes of Prudential and StanChart get hammered; with the latter likely also under the cosh on the back of a weaker than expected reading on Chinese manufacturing overnight.
Caixin's China factory sector purchasing managers' index slipped from a reading of 51.7 for March to 51.2 for February amid a slowdown in export orders and production.
Losses in financials also came against a backdrop of some market commentary over the weekend to the effect that Fed officials talking up the prospect for a total of four interest rate hikes in 2017 might be overstretching themselves.
Shares in Next also took a fall after analysts at Exane BNP Paribas downgraded the stock from 'Neutral' to 'Underperform', while ITV stock dropped as investors tuned out following M&A speculation in Friday.
Analysts at Liberum said the company itself had told them that a regulatory filing was not linked to rival Liberty upping their stake.
FTSE 100 - Risers
Provident Financial (PFG) 3,044.00p 1.57%
Mondi (MNDI) 1,955.00p 1.45%
Micro Focus International (MCRO) 2,305.00p 1.19%
Randgold Resources Ltd. (RRS) 7,035.00p 1.01%
Burberry Group (BRBY) 1,740.00p 0.93%
London Stock Exchange Group (LSE) 3,191.00p 0.63%
Scottish Mortgage Inv Trust (SMT) 368.30p 0.60%
Croda International (CRDA) 3,584.00p 0.56%
Admiral Group (ADM) 1,997.00p 0.40%
Babcock International Group (BAB) 885.50p 0.40%
FTSE 100 - Fallers
Next (NXT) 4,166.00p -3.56%
ITV (ITV) 213.30p -2.56%
Prudential (PRU) 1,653.00p -1.96%
Standard Chartered (STAN) 748.30p -1.93%
Hikma Pharmaceuticals (HIK) 1,944.00p -1.87%
3i Group (III) 736.50p -1.73%
Barclays (BARC) 221.45p -1.62%
Wolseley (WOS) 4,945.00p -1.49%
Paddy Power Betfair (PPB) 8,475.00p -1.45%
Land Securities Group (LAND) 1,044.00p -1.42%