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FTSE 100 movers: Banks and miners gain; RS Group retreats

14:38, 3rd April 2024

London's FTSE 100 was down 0.1% at 7,926.24 in afternoon trade on Wednesday.
Precious metals miner Fresnillo shone as gold prices reached another record high.

Banks and miners were among the top gainers, with NatWest, Standard Chartered, HSBC, Antofagasta and Glencore all up.

RS Group was in the red as RBC Capital Markets said the company was "well placed" to benefit from a recovery in PMIs with associated operating leverage, along with the potential for further share gains and M&A but cut estimates on caution for 2025.

However, it also said that going into its new financial year, PMIs remain below 50 in Europe, while some question marks remain around the US business, where growth was -19% in Q3.

"In addition, wage inflation is likely to remain a headwind. As such we reduce our 2025E/26E EPS forecasts by 8%/5% and expect profit recovery to be pushed out."

The bank kept its 'outperform' rating on the shares and 925p price target.

FTSE 100 - Risers

Fresnillo (FRES) 518.50p 2.57%
NATWEST GROUP (NWG) 271.80p 1.76%
Standard Chartered (STAN) 689.60p 1.62%
Pershing Square Holdings Ltd NPV (PSH) 4,078.00p 1.54%
Marks & Spencer Group (MKS) 265.90p 1.49%
Smith (DS) (SMDS) 401.20p 1.36%
Ocado Group (OCDO) 441.00p 1.17%
Antofagasta (ANTO) 2,090.00p 1.16%
Glencore (GLEN) 453.30p 1.09%
HSBC Holdings (HSBA) 628.10p 1.08%

FTSE 100 - Fallers

BT Group (BT.A) 104.85p -4.46%
RS Group (RS1) 690.00p -2.89%
Prudential (PRU) 720.60p -2.62%
Admiral Group (ADM) 2,725.00p -1.91%
Smiths Group (SMIN) 1,627.00p -1.81%
B&M European Value Retail S.A. (DI) (BME) 529.60p -1.71%
Centrica (CNA) 124.85p -1.62%
Berkeley Group Holdings (The) (BKG) 4,584.00p -1.42%
IMI (IMI) 1,801.00p -1.37%
Scottish Mortgage Inv Trust (SMT) 854.20p -1.36%

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