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18 Jan 2021 | 16:14

FTSE 100 movers: Defensives slip, Banks wanted

(Sharecast News) - The top-flight index was trading slightly lower in later afternoon trading, weighed down slightly by interest rate sensitive and defensive stocks such as BT Group, United Utilities and Hikma Pharmaceuticals.





Some of 2020's best performers, including Ferguson and Hikma Pharmaceuticals, were also seeing some profit-taking.

Nevertheless, JP Morgan analysts had waded in with a very positive research note on BT Group, which they named one of their favourites in the telco space, pointing to its valuation and "favourable catalysts" to back up their investment case.

The same investment bank also reiterated its 'overweight' on Bank shares on Monday, citing "a number of supports for Banks this time around: robust balance sheets without a need for dilution, better credit market backdrop, attractive valuations, potential for some consolidation, likely return of dividends, tailwind from the move up in bond yields and the steeper yield curve, and crucially better earnings backdrop."

Hence the gains in shares of Barclays and NatWest Group.

Burberry Group was also wanted, helped by a target price revision by Deutsche Bank from 1,600.0p to 1,800.0p, alongside better-than-expected Chinese gross domestic product figures for 2020 released overnight.

Market Movers

FTSE 100 (UKX) 6,715.19 -0.30%

FTSE 100 - Risers

Ocado Group (OCDO) 2,571.00p 2.31% Barclays (BARC) 151.04p 1.51% Mondi (MNDI) 1,835.00p 1.41% Coca-Cola HBC AG (CDI) (CCH) 2,334.00p 1.26% Barratt Developments (BDEV) 702.60p 1.01% Associated British Foods (ABF) 2,271.00p 0.98% NATWEST GROUP PLC ORD 100P (NWG) 160.10p 0.98% Burberry Group (BRBY) 1,732.00p 0.93% Entain (ENT) 1,414.50p 0.93% Evraz (EVR) 505.40p 0.92%

FTSE 100 - Fallers

Ferguson (FERG) 9,066.00p -2.16% United Utilities Group (UU.) 920.40p -1.75% BT Group (BT.A) 138.40p -1.74% Hikma Pharmaceuticals (HIK) 2,496.00p -1.73% Flutter Entertainment (FLTR) 14,770.00p -1.70% Standard Life Aberdeen (SLA) 299.50p -1.58% BAE Systems (BA.) 487.80p -1.57% Pearson (PSON) 667.60p -1.53% InterContinental Hotels Group (IHG) 4,775.00p -1.51% Rolls-Royce Holdings (RR.) 104.40p -1.42%

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