FTSE 100 movers: RS Group lifted by upgrade; banks in the red

British Airways and Iberia owner IAG was the standout gainer on the index.

RS Group - formerly Electrocomponents - rallied after RBC Capital Markets upgraded the shares to ‘outperform’ from ‘sector perform’ as it said the risk/reward was now more favourable.

RBC noted that the stock has underperformed the FTSE 100 by around 30% since peaking on bid speculation last August.

"Growth expectations have reduced, the CEO and US management uncertainty has been removed, RS1 has done an excellent job on margins and valuation has come back to an attractive level," it said. "We continue to see RS1 as a long-term winner with the potential for further share gains and the strong balance sheet provides options in the current environment."

Barclays was in the red following reports it plans to cut around 100 roles in its investment banking group, as the slowdown in dealmaking and capital-markets businesses continues.

Banks more generally were weaker, with HSBC and NatWest also down, following gains at the end of last week after solid results across the pond from Citigroup and JPMorgan.

HSBC was also in focus following a report that its largest shareholder, Ping An Insurance, is likely to give its backing to shareholder resolutions that would force the bank to provide regular updates on the structure of its Asian business and restore the dividend to its pre-Covid level.