FTSE 100 movers: Barclays bounces higher; SSE tumbles

London’s FTSE 100 was down 0.3% at 7,494.34 in afternoon trade on Tuesday.

SSE and Harbour Energy slid following a report that Chancellor Rishi Sunak has ordered a plan for a windfall tax on electricity generators. SSE was also knocked lower by a downgrade to ‘neutral’ at Citi.

Royal Mail was under the cosh after a downgrade to ‘sell’ at Peel Hunt.

Drugmaker Hikma Pharmaceuticals was on the back after it announced the resignation of chief executive Siggi Olafsson.

Going the other way, banks advanced, with Barclays, HSBC and Standard Chartered all higher. CMC Markets analyst Michael Hewson said: "Banks are continuing to outperform despite rising recession concerns, probably due to the more hawkish bias of central banks, though that by itself has its downsides as it will increase pressure on the more highly leveraged consumer, with HSBC and Barclays leading the way."

Barclays said earlier that it was starting the £1bn share buyback that was first announced in February.

FTSE 100 - Risers

Barclays (BARC) 163.92p 3.92%
HSBC Holdings (HSBA) 520.00p 3.79%
Standard Chartered (STAN) 616.80p 2.46%
Vodafone Group (VOD) 129.02p 2.32%
SEGRO (SGRO) 1,128.00p 2.08%
Halma (HLMA) 2,201.00p 1.71%
Airtel Africa (AAF) 151.30p 1.68%
Relx plc (REL) 2,335.00p 1.48%
Fresnillo (FRES) 811.60p 1.40%
BAE Systems (BA.) 773.40p 1.36%

FTSE 100 - Fallers

SSE (SSE) 1,794.50p -6.37%
Scottish Mortgage Inv Trust (SMT) 709.60p -4.26%
Harbour Energy (HBR) 428.40p -4.12%
ITV (ITV) 71.52p -3.82%
WPP (WPP) 928.80p -3.79%
Royal Mail (RMG) 322.10p -2.98%
JD Sports Fashion (JD.) 120.00p -2.95%
Hargreaves Lansdown (HL.) 848.60p -2.77%
Hikma Pharmaceuticals (HIK) 1,717.50p -2.33%
Pershing Square Holdings Ltd NPV (PSH) 2,455.00p -2.19%