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FTSE 100 movers: Banks under the cosh; utilities gain
(Sharecast News) - London's FTSE 100 was down 2% at 7,719.33 in afternoon trade on Friday.
Banks were under the cosh, tracking a sector selloff on Wall Street that was triggered after tech-focused bank SVB Financial announced plans to raise more than $2bn in capital to help offset losses on bond sales.
HSBC, Barclays, Standard Chartered and Lloyds all fell sharply.
Russ Mould, investment director at AJ Bell, said: "Lots of banks hold large portfolios of bonds and rising interest rates make these less valuable - the SVB situation is a reminder that many institutions are sitting on large unrealised losses on their fixed-income holdings."
Insurer Admiral was also in the red after a downgrade to 'hold' at Deutsche Bank.
Going the other way, utilities were among the top performers, with National Grid, SSE and Severn Trent all higher.
FTSE 100 - Risers
Fresnillo (FRES) 729.00p 2.30% Endeavour Mining (EDV) 1,648.00p 1.48% National Grid (NG.) 1,054.00p 1.01% SSE (SSE) 1,735.50p 0.55% BT Group (BT.A) 148.05p 0.51% London Stock Exchange Group (LSEG) 7,398.00p 0.16% Severn Trent (SVT) 2,763.00p -0.32% Centrica (CNA) 105.85p -0.33% BAE Systems (BA.) 931.00p -0.45% Berkeley Group Holdings (The) (BKG) 4,016.00p -0.50%
FTSE 100 - Fallers
HSBC Holdings (HSBA) 583.20p -6.10% Barclays (BARC) 154.16p -5.67% Ocado Group (OCDO) 456.00p -5.51% Rolls-Royce Holdings (RR.) 149.46p -5.43% Hargreaves Lansdown (HL.) 792.60p -5.10% Admiral Group (ADM) 1,884.50p -4.94% Standard Chartered (STAN) 737.20p -4.88% Lloyds Banking Group (LLOY) 49.00p -4.77% Legal & General Group (LGEN) 251.00p -4.64% Prudential (PRU) 1,220.50p -4.61%
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