London’s top-flight index edged higher at the end of the week, putting it just a touch below its three-month high at 7,479.70.
Two of the year’s best performers, BP and Shell were at the top of the leaderboard as investors bit their nails while keeping an eye out for any fresh headlines around the G7 and European Union’s proposed price cap on Russian crude oil exports.
Imperial Brands meanwhile benefitted from a price target upgrade out of Deutsche Bank from 2,250.0p to 2,350.0p.
Going the other way, shares in interest rate sensitive Real Estate and Household Construction were the main drag as longer-term Gilt yields put in a modest advance, albeit only after yields had sold off heavily from their October peaks.
Lloyds was also pushing higher after analyst at RBC Capital Markets hiked their target price from 44.0p to 57.0p, upgrading their recommendation on the lender’s shares to outperform in the process.
On the flip-side, RBC analysts downgraded their recommendation for shares in Natwest Group and trimmed their target from 300.0p to 290.0p in what they termed an “anti-consensus” call.
“Whilst valuation remains attractive, we see the potential for more upside elsewhere. Earnings momentum from higher rates may have peaked, and we worry about the bank’s cost trajectory in FY23.”
FTSE 100 (UKX) 7,469.38 0.04%
FTSE 100 – Risers
Imperial Brands (IMB) 2,132.00p 1.52%
Frasers Group (FRAS) 890.00p 1.37%
Shell (SHEL) 2,369.50p 1.15%
British American Tobacco (BATS) 3,362.00p 1.04%
BP (BP.) 488.30p 0.98%
BAE Systems (BA.) 805.20p 0.93%
GSK (GSK) 1,391.00p 0.80%
Smith & Nephew (SN.) 1,096.50p 0.69%
Airtel Africa (AAF) 121.40p 0.66%
Burberry Group (BRBY) 2,107.00p 0.62%
FTSE 100 – Fallers
Ocado Group (OCDO) 641.20p -3.35%
SEGRO (SGRO) 819.20p -2.15%
Schroders (SDR) 455.90p -1.89%
Taylor Wimpey (TW.) 103.25p -1.71%
United Utilities Group (UU.) 1,068.50p -1.61%
Auto Trader Group (AUTO) 577.60p -1.60%
Unite Group (UTG) 941.50p -1.52%
JD Sports Fashion (JD.) 123.80p -1.51%
Rightmove (RMV) 561.00p -1.51%
Hargreaves Lansdown (HL.) 851.00p -1.44%