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FTSE 100 movers: Banks in the black; Babcock slumps after results
(Sharecast News) - London's FTSE 100 was up 0.5% at 10,416.50 in afternoon trade on Monday. Banks were the top performers, with NatWest, Lloyds and Barclays all up as investors mulled the prospect of former Greater Manchester Mayor Andy Burnham as Prime Minister.
Lloyds was in focus following a report it's among the parties exploring a potential takeover of Aldermore. According to Sky News, Lloyds has begun preparations for a possible bid for the South African-owned bank, which has been put up for sale amid the car finance mis-selling scandal.
City sources told Sky on Monday that Lloyds was examining Aldermore because of its small business lending and project finance capabilities. They cautioned that the high street bank was by no means certain to proceed with a formal bid.
Fresnillo gained as it agreed to buy a 5% stake in Sinda via a private placement concurrent to the Mexican silver exploration and development company's initial public offering and listing in the US.
On the downside, Babcock slid as it backed its FY27 expectations and posted a rise in annual revenue but a dip in underlying operating profit as it took a hit from a charge on a contract.
In the year to the end of March, revenue grew 8% to £5.18bn, with particularly strong growth in Nuclear and Aviation. Underlying operating profit fell to £293m from £363m a year earlier, however, due to a £140m charge on the Type 31 contract with the Royal Navy. Excluding the charge, operating profit increased 19%.
Babcock said the charge reflects higher-than-expected rework during the outfitting of ship one and an updated estimate of the cost to complete the programme.
BAE Systems also fell.
FTSE 100 - Risers
NATWEST GROUP (NWG) 663.40p 4.88% Lloyds Banking Group (LLOY) 108.85p 4.36% Barclays (BARC) 514.20p 3.36% Flutter Entertainment (DI) (FLTR) 7,662.00p 3.35% Fresnillo (FRES) 3,072.00p 2.99% Standard Life (SDLF) 828.00p 2.60% Whitbread (WTB) 2,440.00p 2.43% Marks & Spencer Group (MKS) 358.90p 2.43% Aviva (AV.) 649.20p 2.39% 3i Group (III) 2,252.00p 2.31%
FTSE 100 - Fallers
Babcock International Group (BAB) 961.60p -7.19% BAE Systems (BA.) 1,788.50p -3.38% Burberry Group (BRBY) 1,098.00p -3.26% BT Group (BT.A) 191.40p -1.99% Diageo (DGE) 1,508.50p -1.89% BP (BP.) 496.60p -1.77% Antofagasta (ANTO) 3,973.00p -1.64% Weir Group (WEIR) 2,418.00p -1.14% Pershing Square Holdings Ltd NPV (PSH) 3,862.00p -1.13% Vodafone Group (VOD) 106.20p -1.07%
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