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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

FTSE 100 movers: Barclays jumps on strategy update; miners lose ground

(Sharecast News) - London's FTSE 100 was down 0.3% at 7,708.51 in afternoon trade on Tuesday. Barclays Bank jumped to the top of the index as it reported a fall in annual earnings after fourth-quarter profits dropped by 92%, but said it plans to return at least £10bn of capital to shareholders between 2024 and 204, through dividends and share buybacks. The bank also announced a £2bn cost-cutting drive.

Kathleen Brooks, research director at XTB, said: "Barclays' strategic review was punchy, and it essentially boils down to two things: cut costs aggressively and boost profits and continue to return capital to shareholders, to the tune of £10bn by 2026.

"This is exactly the type of message that shareholders love at the moment, and it is why the market has reacted with glee on Tuesday morning."

InterContinental Hotels was also higher after full-year results, while Aviva was boosted by an upgrade to 'buy' at Bank of America Merrill Lynch.

Antofagasta gained as the Chilean copper miner posted a 5.4% rise in full-year EBITDA and a 7.9% increase in revenue.

Rio Tinto and Anglo American were on the back foot, however, as copper prices fell.

FTSE 100 - Risers

Barclays (BARC) 159.96p 7.14% InterContinental Hotels Group (IHG) 8,322.00p 5.34% Marks & Spencer Group (MKS) 244.30p 2.39% Aviva (AV.) 440.40p 2.35% Antofagasta (ANTO) 1,806.00p 2.32% Severn Trent (SVT) 2,577.00p 1.38% Persimmon (PSN) 1,438.50p 1.34% Centrica (CNA) 132.50p 1.30% Whitbread (WTB) 3,555.00p 1.25% Entain (ENT) 932.40p 1.13%

FTSE 100 - Fallers

Airtel Africa (AAF) 93.60p -2.40% Rio Tinto (RIO) 5,298.00p -2.34% Rightmove (RMV) 540.00p -1.89% Scottish Mortgage Inv Trust (SMT) 784.00p -1.63% Anglo American (AAL) 1,754.20p -1.44% Weir Group (WEIR) 1,835.00p -1.34% Ocado Group (OCDO) 527.80p -1.27% Imperial Brands (IMB) 1,817.50p -1.22% BP (BP.) 469.25p -1.18% Unite Group (UTG) 991.50p -1.15%

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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