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FTSE 100 movers: RBS and IAG fall on results; BT bucks trend
London's FTSE 100 was down 0.4% to 7,222.59 in afternoon trade on Friday, with RBS and IAG in the red after results.
BT was the standout gainer as as telecoms regulator Ofcom eased price controls on its network subsidiary Openreach.
On the downside, British Airways and Iberia parent International Consolidated Airlines Group flew lower as its reported 19% jump in full-year operating profit fell short of analysts' expectations.
Royal Bank of Scotland retreated even as it clambered back into the black in 2017 for the first time in a decade, as the taxpayer-owned bank took a hit in the fourth quarter from restructuring, litigation and conduct charges.
IG market analyst Joshua Mahony said: "RBS has seen a sharp decline at the open today, with the announcement of the first profit in a decade doing little to boost investor confidence. While the £752m profit stood in stark contrast to the £6.95bn loss last year, markets are wary of the impending DoJ fine which could easily overshadow today's profits.
"Coming off the back of positive earnings from Lloyds, there is a clear benefits of being free from any government stake, which will continue to loom over RBS until the stake is finally sold."
Defence giant BAE Systems was under the cosh as JPMorgan Cazenove downgraded the stock to 'underweight' from 'neutral' and trimmed the price target to 550p from 555p following the company's full-year results a day earlier.
The bank said BAE's lacklustre guidance for 2018 earnings before interest, tax and amortisation and free cash flow suggests that, for the foreseeable future at least, it will continue to underperform its peers in US defence and in European civil aero.
Risers
BT Group (BT.A) 242.75p 4.48%
United Utilities Group (UU.) 683.54p 2.94%
Severn Trent (SVT) 1,747.00p 2.16%
Hammerson (HMSO) 479.40p 2.04%
British American Tobacco (BATS) 4,433.00p 1.80%
British Land Company (BLND) 648.40p 1.66%
Land Securities Group (LAND) 951.70p 1.54%
Old Mutual (OML) 256.30p 1.50%
Centrica (CNA) 144.10p 1.37%
SSE (SSE) 1,252.25p 1.31%
Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 594.40p -4.53%
Royal Bank of Scotland Group (RBS) 270.20p -4.18%
BAE Systems (BA.) 561.13p -4.08%
Micro Focus International (MCRO) 2,022.00p -2.18%
InterContinental Hotels Group (IHG) 4,569.00p -2.10%
St James's Place (STJ) 1,120.00p -2.06%
easyJet (EZJ) 1,657.50p -1.60%
Smith (DS) (SMDS) 483.40p -1.47%
Randgold Resources Ltd. (RRS) 6,054.00p -1.24%
Ferguson (FERG) 5,222.00p -1.21%