FTSE 100 movers: Lloyds leads banks higher despite Moody's downgrades

Date: Friday 22 Jun 2012

Banking peers Lloyds, RBS, HSBC and Barclays were all making gains on Friday afternoon despite having their credit ratings downgraded by Moody's.

Lloyds, which was downgraded in a separate report to the others, was a high riser after saying Moody's has recognised "the substantial momentum we have made in de-risking our balance sheet and delivering on our strategy."

However, RBS said it disagreed with the ratings change as it is "backward-looking and does not give adequate credit for the substantial improvements the group has made to its balance sheet, funding and risk profile."

Helping provide a lift to banking stocks this afternoon were reports that the Bank of England's financial policy committee (FPC) will announce a reduction of between 20-30% in banks' liquidity buffers to support lending.

Heading the other way were the miners and oil stocks with Fresnillo, Petrofac, AMEC, Glencore and Kazakhmys among the worst performers.


FTSE 100 - Risers
BT Group (BT.A) 205.30p +1.89%
Lloyds Banking Group (LLOY) 31.75p +1.75%
Royal Bank of Scotland Group (RBS) 246.70p +1.40%
HSBC Holdings (HSBA) 563.70p +0.80%
Shire Plc (SHP) 1,957.00p +0.67%
Unilever (ULVR) 2,092.00p +0.58%
Tesco (TSCO) 312.30p +0.58%
Barclays (BARC) 203.45p +0.57%
Schroders (SDR) 1,319.00p +0.38%
GlaxoSmithKline (GSK) 1,478.00p +0.37%

FTSE 100 - Fallers
Fresnillo (FRES) 1,431.00p -4.09%
Petrofac Ltd. (PFC) 1,381.00p -3.96%
Amec (AMEC) 964.50p -3.16%
Johnson Matthey (JMAT) 2,214.00p -3.11%
CRH (CRH) 1,101.00p -3.08%
Glencore International (GLEN) 312.80p -3.05%
Marks & Spencer Group (MKS) 327.20p -2.99%
Kazakhmys (KAZ) 702.50p -2.97%
Wolseley (WOS) 2,263.00p -2.96%
Weir Group (WEIR) 1,471.00p -2.71%

BC

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