The Treasury has further reduced its stake in NatWest Group, with the latest sale of stock cutting the taxpayers’ holding to 8.9% from 9.99%.

It marked the latest step in moving the Edinburgh-based lender fully back into the private sector which is expected to be completed this year.

The taxpayer took an 84% stake in what was Royal Bank of Scotland Group in a bail out during the financial crisis of 2008 and 2009.

Shares in NatWest Group have risen strongly in recent months, soaring by 83% in 2024 – taking total returns, including dividends, to 95%. They closed up 4.2p (1.1%) at 385.9p.

The FTSE 100 closed 22.65 points lower at 8,201.54.

JD Sports

Shares in JD Sports Fashion fell by 6.4% to a five-year low after it cut its annual profit outlook, the second earnings warning in two months for the FTSE 100 company.

Britain’s biggest sportswear retailer reduced its annual profit forecast to between £915 million and £935m, down from previous guidance of £955m to £1.03 billion.

The company, which includes the Tiso outdoor clothing company, reported that like-for-like sales during November and December fell by 1.5%, as high levels of promotional activity from rivals weighed on revenues.

The shares closed 6p (6.36%) lower at 90.18p.

BP delays presentation

BP has delayed a presentation to investors which was expected to outline its plans to scale back its green investment targets.

The company said the postponement of the capital markets day from 11 to 26 February will allow its chief executive Murray Auchincloss to recover from a medical procedure.

BP’s energy transition strategy has been curtailed under Mr Auchincloss in an effort to boost profits and regain investor confidence.

Persimmon rises

Housebuilder Persimmon has posted a 7% rise in completions, ahead of market expectations, and bulldozed its way to the top of the FTSE 100 gainers.

AJ Bell financial analyst Danni Hewson said its “confidence-boosting update” showed house prices have stabilised, completion numbers have risen, and profits will come in at the top end of expectations.

Dean Finch, group chief executive, said: “We expect to report an underlying operating margin in line with the prior year, as previously guided, with 2024 underlying profit before tax expected to be around the upper end of market expectations.

“Customer enquiries and sales rates have been consistently ahead of the prior year since the spring selling season.

“Persimmon has worked hard and is well positioned for the future, supported by the land and planning investment we have made in recent years, our vertical integration capabilities and our excellent teams.

“This investment, coupled with the government’s ambitious planning reforms which demand more of the high-quality, affordable homes which are Persimmon’s core strength, supports our growth ambitions in the medium-term.”