FTSE 100 movers: Banks, defence stocks on the rise

(Sharecast News) - London's FTSE 100 was 0.8% higher at 10,631.30 in afternoon trade on Monday. Medical device maker Convatec was the top riser on the index, while banks were also on the front foot, with HSBC, Standard Chartered and Lloyds among the top performers.

Russ Mould, investment director at AJ Bell, said: "Banks have faced headwinds in recent weeks as investors feared a steady increase in interest rates could make it too expensive for many businesses and consumers to borrow money, thereby curbing growth opportunities for the sector.

"Should energy-related inflationary pressures not be as intense as previously feared, it could lead to the Bank of England avoiding big interest rate hikes over the coming year. Markets are currently pricing in four quarter point hikes by next July."

Defence stocks gained, with Babcock and BAE Systems higher.

On the downside, Vodafone retreated again, having fallen on Friday as telecoms were hit by news that SpaceX had agreed to buy a nationwide low-band spectrum portfolio that it said would "pave the way for Starlink Mobile to become a major mobile carrier in the US".

FTSE 100 - Risers

Convatec Group (CTEC) 228.20p 3.91% Lion Finance Group (BGEO) 12,750.00p 3.49% BAE Systems (BA.) 1,897.00p 2.02% HSBC Holdings (HSBA) 1,423.40p 1.98% Babcock International Group (BAB) 929.60p 1.91% Standard Chartered (STAN) 2,162.00p 1.84% London Stock Exchange Group (LSEG) 8,828.00p 1.80% Admiral Group (ADM) 3,680.00p 1.71% Reckitt Benckiser Group (RKT) 5,216.00p 1.64% Lloyds Banking Group (LLOY) 103.25p 1.62%

FTSE 100 - Fallers

Informa (INF) 880.00p -1.81% 3i Group (III) 2,386.00p -1.20% Vodafone Group (VOD) 116.95p -1.18% Kingfisher (KGF) 317.90p -0.97% Barratt Redrow (BTRW) 288.00p -0.96% WPP (WPP) 382.20p -0.96% Next (NXT) 14,560.00p -0.95% Compass Group 11 (CPG) 31.02p -0.48% InterContinental Hotels Group (IHG) 158.40p -0.47% JD Sports Fashion (JD.) 84.18p -0.40%