FTSE 100: big winners and losers in worst month since Covid

The old guard of the FTSE 100 index drove a market-leading first quarter as the likes of BP (LSE:BP.), BAE Systems (LSE:BA.) and Centrica (LSE:CNA) helped the UK benchmark ride out its toughest month since Covid.

Despite a 6.7% slide in March due to the energy price shock of the Middle East war, the blue-chip index still managed to finish a tumultuous quarter up by 2.5%.

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The next best performance was by the Nikkei 225 after a rise of 1.4%, while the S&P 500 index lost 4.6% and Nasdaq Composite reversed 7.1% as tech valuations came off the boil.

Global stock market performance

Source: ShareScope. Past performance is not a guide to future performance.

The FTSE 100 index broke through the 10,000 barrier for the first time on 2 January and raced to a high of 10,934 by 27 February as heavyweights including HSBC Holdings (LSE:HSBA), AstraZeneca (LSE:AZN) and Shell (LSE:SHEL) set a series of record highs.

The risk-on mood extended the FTSE 100’s recovery since the Liberation Day sell-off in April 2025 to more than 40%. The rally came despite a big reverse for technology names as fears over artificial intelligence (AI) disruption caused Sage Group (The) (LSE:SGE) and Experian (LSE:EXPN) to lose a fifth of their value over the quarter.

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The Middle East war and surge in the Brent crude price to as high as $119 a barrel caused the FTSE 100 to fall as far as 9,670 by 23 March, representing a 11.4% decline into technical correction territory. It put the FTSE 100 on course for the fourth-worst month in the past 25 years.

As it turned out, a strong end to the month on the back of hopes for a de-escalation of the conflict meant the FTSE 100 experienced its 15th worst month since 2001. The 6.73% decline compared with the all-time worst for the 25-year period of 13.81% in March 2020.

FTSE 100’s biggest monthly drops since 2001

Source: Investing.com

The performance ranks as a mid-table result globally after the FTSE 100 was overtaken by the S&P 500 as last night’s surge helped the Wall Street benchmark finish 5.1% lower in March.

The consequences of events in the Middle East have been particularly difficult for investors in the UK housebuilding sector as expectations that interest rates will need to rise in order to curb inflationary pressures dealt another setback to the sector’s recovery hopes.

The average Moneyfacts mortgage rate last night stood at 5.71%, which compares with 4.89% on 2 March. A resurgence of cost pressures on top of these affordability concerns meant Barratt Redrow (LSE:BTRW) shares lost 31.7% of its value in the quarter after a slide of 28.7% in March.

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Rival Persimmon (LSE:PSN) posted strong annual results in March but still fell 29.1% as the worst-performing FTSE 100 stock in the month, down 21.3% over the quarter. Berkeley Group Holdings (The) (LSE:BKG) fell 22% even before today’s slide on the back of plans to halt the buying of new land.

A further 10 stocks lost a fifth of their stock market capitalisation during March, including 3i Group Ord (LSE:III), Kingfisher (LSE:KGF), Segro (LSE:SGRO) and Intertek Group (LSE:ITRK). Unilever (LSE:ULVR)is the most valuable of the bunch after its deal yesterday to spin-off its foods operation got a lukewarm response from investors.

10 biggest FTSE 100 losers

Source: ShareScope. Past performance is not a guide to future performance.

Other heavyweight names including HSBC and Aviva (LSE:AV.) ended the month 10% below where they started it, while Barclays (LSE:BARC) lost 14% as investors began to fear the impact of dark economic conditions on the company’s three-year projections for dividends and buybacks.

NatWest Group (LSE:NWG) and Lloyds Banking Group (LSE:LLOY) fell by 10%, which masks a big divergence in their quarterly performance after the former’s £2.7 billion acquisition in wealth management caused its shares to fall by 15% compared with 6% for its rival.

The shares of International Consolidated Airlines Group SA (LSE:IAG) were 457.3p on the eve of annual results on 27 February, when the British Airways and Iberia owner posted an operating margin at the top end of 12-15% medium-term guidance.

IAG ended March at 349.8p for a fall of 17.4% in the month and 15.6% across the quarter, ending a run of helpful post-Covid trading conditions for all EU airlines.

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A combination of flight disruption, demand uncertainty and margin contraction as airlines struggle to fully pass on unhedged jet fuel prices has resulted in a de-rating that last month included the FTSE 100 relegation of low-cost carrier easyJet (LSE:EZJ).

Rolls-Royce Holdings (LSE:RR.) started March at a record high, but ended the month 15.1% lower and down 1.6% across the quarter as investors revised their expectations for engine flying hours, after-market demand and supply chain costs.

Rolls and IAG returned to form in today’s session as they rallied 72p to 1204p and 17.8p to 367.6p respectively.

At the other end of the FTSE 100, BP outperformed Shell over the quarter as much higher oil prices gave a boost to the balance sheet ahead of today’s arrival of new boss Meg O’Neill.

BP’s momentum contrasts with earlier in the year, when it suspended share buybacks and Shell stuck to its ongoing $3.5 billion programme. BP, which traded at 330p in last April’s tariffs turmoil, rose 26.9% in March to stand at 585p.

Shell sentiment was impacted by damage to its Pearl gas-to-liquids plant in Qatar, although shares have still set fresh records after rising 16.6% in the month and 30.8% in the quarter.

Glencore (LSE:GLEN) shares have been the best in the mining sector so far this year after a sharp revival for coal prices on the back of increased power generation demand vindicated its decision to keep steelmaking and thermal coal operations.

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The shares have surged from last April’s 230p to finish last month at a near record level of 565.5p, up 5.9% in March and 39.1% in the quarter. Rio Tinto Ordinary Shares (LSE:RIO) rose 15.8% over the three months but lost 5.3% of its value last month.

British Gas owner Centrica rose 6.7% in March and 25.3% in the quarter as higher commodity prices and volatility provided a potential boost to its energy trading arm.

The British Gas owner has also grown its infrastructure portfolio through assets including the Sizewell C nuclear power station and the Grain LNG terminal.

10 biggest FTSE 100 winners

Source: ShareScope.Past performance is not a guide to future performance.

Renewables firm SSE (LSE:SSE) fell 3.5% in March but climbed 19.1% in the first quarter, while National Grid (LSE:NG.), Severn Trent (LSE:SVT) and United Utilities Group Class A (LSE:UU.) all advanced by more than 10% in the three months.

They were not the only defensive stocks to play a part in the robust quarter for the FTSE 100 index as telecom firms Vodafone Group (LSE:VOD) and BT Group (LSE:BT.A) opened the year with gains of about more than 14%. They were slightly lower in March.

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GSK (LSE:GSK) and AstraZeneca (LSE:AZN) fell back 6% in March but their strong runs in the previous two months meant the pharmaceutical giants ended the quarter up by 13% and 6.5% respectively.

BAE Systems put on 28% after adding 4% in March to close at 2,221p, although the defence giant had been at a record 2,331p earlier in the month.