FTSE 100 Movers: RBS in top spot after cost-saving measures leaked

11th Jan 2012 12:08

Royal Bank of Scotland (RBS) was on the up after it was reported that its Irish unit is preparing its second round of job cuts in four years as part of an effort to save about €50m ($63.9m), according to two people with knowledge of the plan, a Bloomberg News report said.Meanwhile, SSE became the biggest faller after UBS cut its target price on the stock from 1,370p to 1,340p on Tuesday. Gas company BG Group was also falling despite having received six to seven preliminary bids for its 65% stake in India's Gujarat Gas, three sources with direct knowledge of the matter said, in a deal valued at about $900m, Reuters is reporting. BG's oil peers Shell and Petrofac were also out of favour, tracking crude prices lower. Consumer goods firm Unilever was also among the worst performers after Morgan Stanley downgraded its rating from overweight to equalweight, citing a limited scope for earnings upgrades this year. Supermarket chain Sainsbury was falling despite regaining its mojo came in the form of the group's best ever Christmas sales performance, which topped the market's expectations.The group was widely expected to have had the best Christmas of the major UK players, and it appears to have set a high benchmark with a record-breaking festive performance. Both Amec and Babcock were falling despite Amec, alongside Babcock, extending it's contract with National Grid for a further five years. The five-year extension is worth £650m and will see the joint venture run until 2017. FTSE 100 - RisersSchroders (SDR) 1,313.00p +3.30%Royal Bank of Scotland Group (RBS) 21.69p +2.65%Capita (CPI) 665.50p +2.54%Carnival (CCL) 2,247.00p +2.46%Schroders (Non-Voting) (SDRC) 1,061.00p +2.31%Legal & General Group (LGEN) 109.30p +2.15%Lloyds Banking Group (LLOY) 27.85p +1.98%Cairn Energy (CNE) 275.70p +1.96%Fresnillo (FRES) 1,766.00p +1.96%IMI (IMI) 828.00p +1.72%FTSE 100 - FallersSSE (SSE) 1,260.00p -3.15%Petrofac Ltd. (PFC) 1,523.00p -2.99%Unilever (ULVR) 2,087.00p -2.98%Royal Dutch Shell 'A' (RDSA) 2,336.50p -2.73%Royal Dutch Shell 'B' (RDSB) 2,421.50p -2.71%Aggreko (AGK) 2,068.00p -2.59%BG Group (BG.) 1,443.00p -2.37%Amec (AMEC) 972.50p -1.97%Sainsbury (J) (SBRY) 300.30p -1.83%BP (BP.) 471.00p -1.79%NR