FTSE 100 Movers: Banks lead the charge

Lenders Royal Bank of Scotland, Barclays, Lloyds and Standard Chartered are all sharply higher on the prospect that their losses on European sovereign debt may not now be so severe. Lenders were buoyed by suggestions that progress is being made on the souped-up version of the European Financial Stability Facility (EFSF), with some reports saying the Europe Union (EU) finance chiefs are discussing the possibility that the EFSF could insure the bonds of debt-ravaged countries, with guarantees of 20% to 30%.The finance ministers are set to meet in Brussels tomorrow where they will discuss rules for borrowing against the EFSF, and new parameters for intervention in Eurozone bond markets. Miners were firmer, with the notable exception of gold digger Randgold Resources, which has cut its production forecast for the year after running into a number a difficulties at its Tongon mine in Côte d'Ivoire. The company now expects group production for the year to drop from between 740,000 and 760,000 ounces to between 690,000 to 700,000 ounces. Also rising was BHP Billiton, after it was announced that there are to be changes at the top of mining colossus that will see the company get a new group chief executive and financial officer.FTSE 100 - RisersBarclays (BARC) 166.70p +7.10%Aviva (AV.) 298.60p +6.49%Weir Group (WEIR) 1,906.00p +6.18%Schroders (SDR) 1,274.00p +5.73%Kazakhmys (KAZ) 850.00p +5.59%Essar Energy (ESSR) 225.80p +5.51%Vedanta Resources (VED) 977.00p +5.28%Royal Bank of Scotland Group (RBS) 19.70p +5.12%Lloyds Banking Group (LLOY) 24.36p +5.02%Man Group (EMG) 131.30p +4.87%FTSE 100 - FallersRandgold Resources Ltd. (RRS) 6,395.00p -5.61%Imperial Tobacco Group (IMT) 2,252.00p -0.09%Smith & Nephew (SN.) 554.50p -0.09%NR