FTSE 100 movers: Credit Suisse knocks banks

12th May 2009 13:41

Credit Suisse unsettled the bank sector despite lifting its price targets on part-nationalised banks Royal Bank of Scotland and Lloyds Banking Group.Royal Bank of Scotland has had its target price increased from 25p to 30p, while Lloyds' price target is boosted to 65p from 45p, but both stocks have an 'underperform' rating. Credit Suisse has also cut Barclays from 'outperform' to 'neutral'.The Swiss bank believes new rules on liquidity, along with other regulatory changes, plus lower interest rates will impede the banks' progress back towards profitability. 'We think margins are under far more pressure than people realise,' said Jonathan Pierce, Credit Suisse analyst.Shares in Serco moved ahead after the outsource giant reported a strong start to 2009, with £1bn in new contracts and preferred bidder status on another £250m-worth. New business wins in 2009 include a deal to help improve pathology services at London's Guy's and St Thomas' NHS Foundation Trust and to provide immigration detention services at centres throughout Australia.FTSE 100 - RisersSerco Group (SRP) 403.75p +6.11%Amlin (AML) 374.25p +5.20%Fresnillo (FRES) 603.50p +3.87%Morrison (Wm) Supermarkets (MRW) 244.75p +3.71%Tesco (TSCO) 351.50p +3.38%Next (NXT) 1,557.00p +3.32%InterContinental Hotels Group (IHG) 679.00p +3.11%Vodafone Group (VOD) 123.00p +2.80%FTSE 100 - FallersLonmin (LMI) 1,355.00p -7.19%Lloyds Banking Group (LLOY) 93.50p -5.84%ICAP (IAP) 389.00p -5.06%Imperial Tobacco Group (IMT) 1,561.00p -4.35%Barclays (BARC) 275.50p -4.01%Rio Tinto (RIO) 2,905.00p -3.49%Royal Bank of Scotland Group (RBS) 44.50p -3.47%Man Group (EMG) 237.25p -3.26%