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FTSE 100 movers: BAT jumps, housebuilders slump
(Sharecast News) - London's FTSE 100 was flat at 10,370.53 in afternoon trade on Monday. British American Tobacco was the standout gainer on the index. Dan Coatsworth, head of markets at AJ Bell, said the stock was in demand "as investors popped some defensive-style names into their portfolio in a 'just in case' scenario should markets weaken further".
Asia-focused banks Prudential and Standard Chartered were among the risers, having tumbled last week following reports that Beijing was tightening controls on capital outflows.
According to the South China Morning Post, residents of mainland China are facing greater restrictions on opening offshore accounts at mainland branches of Hong Kong banks.
The report said the Shanghai branch of Hong Kong's Bank of East Asia had suspended opening accounts that allow people on the mainland to invest overseas, which are typically favoured by high net worth customers. The newspaper referenced an unnamed bank manager who said clients had been surprised by the decision.
According to The Straits Times last week, Beijing is looking to boost regulatory oversight of capital outflows and has expanded outbound investment regulations to explicitly cover individual investors for the first time.
Scottish Mortgage Investment Trust was under pressure due to its exposure to US technology stocks.
Housebuilders were also under the cosh amid concerns about rising interest rates. Barratt Redrow, Berkeley Group and Persimmon all fell.
FTSE 100 - Risers
British American Tobacco (BATS) 4,482.00p 1.84% Metlen Energy & Metals (MTLN) 40.25p 1.64% Hiscox Limited (DI) (HSX) 1,744.00p 1.63% Airtel Africa (AAF) 344.80p 1.47% BAE Systems (BA.) 1,959.00p 1.42% Prudential (PRU) 962.00p 1.26% Intertek Group (ITRK) 5,545.00p 1.19% Entain (ENT) 561.40p 1.19% Standard Chartered (STAN) 1,954.50p 1.16% BT Group (BT.A) 203.90p 1.14%
FTSE 100 - Fallers
Marks & Spencer Group (MKS) 355.10p -2.74% Scottish Mortgage Inv Trust (SMT) 1,441.50p -2.67% Barratt Redrow (BTRW) 254.30p -2.08% Berkeley Group Holdings (The) (BKG) 3,430.00p -1.78% Severn Trent (SVT) 2,914.00p -1.62% Mondi (MNDI) 737.40p -1.58% Convatec Group (CTEC) 201.00p -1.57% Persimmon (PSN) 1,053.00p -1.54% Spirax Group (SPX) 6,715.00p -1.54% United Utilities Group (UU.) 1,303.00p -1.51%
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