Sector Movers: Financial services, mining stocks lead the FTSE 100
Banking, financial services and insurance stocks ensured that the FTSE 100 stayed firmly in the green on Monday, following on from on Friday’s close in positive territory.
Banks
3,991.23
10:15 23/04/24
FTSE 100
8,049.82
10:15 23/04/24
FTSE 250
19,678.72
10:15 23/04/24
FTSE 350
4,422.94
10:15 23/04/24
FTSE All-Share
4,377.18
10:15 23/04/24
HSBC Holdings
665.30p
10:15 23/04/24
IBEX 35
10,998.00
18:44 22/04/24
International Consolidated Airlines Group
€2.03
18:15 22/04/24
Mining
10,152.33
10:14 23/04/24
Standard Chartered
678.20p
10:15 23/04/24
At 16:33 BST on Monday, the FTSE 100 was up 33.28 points or 0.47% at 7103.98 with banking sector stocks trading high on the back of news that HSBC (up 3.08%) may spin-off its UK high street banking business, ahead of a review of its headquarters' location.
Asia-facing Standard Chartered (up 4.16%) bank, which is also situated in London, rose on speculation it could follow suit with a move out of the City.
Global insurer Prudential (up 2.08%), linked in in the past with relocation overtures in favour of Hong Kong, was seen making gains as analysts at Jeffries lifted their price target from 1964p to 1978p and reiterated their 'buy' rating on the stock. Hargreaves Lansdown (up 2.20%) also rubbed shoulders with the aforementioned trio.
Overall, the banking sector index was in the green by 2.18% while life insurance index was up 1.29%, with the financial services index also in the green by 0.60%.
Joining their ranks were natural resources stocks in general, and mining and minerals stocks in particular. Anglo American (up 1.76%), Antofagasta (up 1.45%), Vedanta (up 3.33%), Fresnillo (up 0.55%), Glencore (up 0.21%), and BHP Billiton (up 0.16%) lead the mining majors as sentiment about China providing economic stimulus to boost its domestic growth gained traction.
With a host of small caps also posting gains, the headline mining sector index was up 103.59 points or 0.70% at 14,821.32. The footnote to a positive trading day was provided by the travel and leisure stocks with British Airways owner IAG gaining 2.10% late in the session in anticipation of positive trading data from the company.
Top Five Sectors:
Banks 4,670.83 +99.59 +2.18%
Life Insurance 8,431.47 +107.57 +1.29%
Mining 14,821.32 +103.59 +0.70%
Travel & Leisure 8382.12 +58.22 0.63%
Financial Services 9,991.13 +59.10 +0.60%