FTSE 100 movers: Barratt price cuts disappoint; Severn Trent Dee Valley deal delights

Barratt Developments shares led the fallers on the FTSE 100 on Wednesday as the house builder admitted to a "challenging" London market after June's Brexit vote.

The company said it had to cut prices at the upper end of housing stock in the capital.

"To mitigate these risks we have taken pricing action on a number of our sites in London. Further actions to de-risk London delivery include an exchanged build and sale agreement on a bespoke development of 39 apartments for a total value of £47m," Barratt said in a trading statement.

Fellow property giant British Land was also lower as the company said it expects to proceed more cautiously in property development as it noted a change in the behaviour of property markets since the Brexit vote, with leasing momentum maintained in retail but more caution among office occupiers.

In the six months to 30 September, the FTSE 100 property developer grew income 3.4% on a like-for-like basis and, helped by lower finance and operating costs, drove underlying profit before tax up 16.4% to £199m.

Building materials group CRH was also lower after sharp rises in the last week on the back of US President-elect Donald Trump's pledge of large infrastructure projects.

Severn Trent ticked up after it agreed to buy water service provider Dee Valley Group for about £78.5m.

Insurer Prudential was also higher after reporting a 19% jump in new business profit in the first nine months of the year and saying it plans to boost its dividend by 5% a year.

Market Movers

FTSE 100 (UKX) 6,747.45 -0.67%

FTSE 100 - Risers

Relx plc (REL) 1,324.00p 2.32%
Provident Financial (PFG) 2,874.00p 1.45%
Severn Trent (SVT) 2,167.00p 1.31%
Experian (EXPN) 1,413.00p 1.22%
Johnson Matthey (JMAT) 3,335.00p 1.18%
WPP (WPP) 1,661.00p 1.10%
ITV (ITV) 166.80p 1.09%
Prudential (PRU) 1,539.00p 1.05%
Polymetal International (POLY) 794.00p 1.02%
3i Group (III) 627.50p 0.97%

FTSE 100 - Fallers

Barratt Developments (BDEV) 464.50p -3.81%
British Land Company (BLND) 587.50p -3.13%
CRH (CRH) 2,695.00p -3.09%
Burberry Group (BRBY) 1,372.00p -2.90%
Rolls-Royce Holdings (RR.) 735.00p -2.58%
Dixons Carphone (DC.) 327.80p -2.21%
International Consolidated Airlines Group SA (CDI) (IAG) 443.80p -2.20%
Whitbread (WTB) 3,468.00p -2.20%
Centrica (CNA) 200.10p -1.91%
Land Securities Group (LAND) 983.50p -1.85%