FTSE 100 movers: Glaxo healthy on Q1 sales report; Tesco down on JPM note

The FTSE was up slightly in early afternoon trade, with the blue-chip index rising 0.2% to 6,297 points at 1348 BST.

GlaxoSmithKline shares reacted positively to a rise in first-quarter sales and core earnings per share amid healthy demand for the company’s new drugs.

First-quarter sales were up 11% in sterling terms to £6.2bn, with core earnings per share 14% higher at 19.8p, beating analysts’ forecasts of 17.9p.

Worldpay’s shares jumped after UBS upgraded the stock to ‘buy’ from ‘neutral’, saying the pullback in the shares provides an opportunity.

Tesco shares led the fallers after JP Morgan said the firm's ability to generate cash flow in the foreseeable future "could be more constrained than we thought before the results"

The broker said results were of "lower quality than seemed at first glance, and, upcoming news flow will likely remain negative".

Standard Chartered reversed the previous day’s rally as Deutsche Bank downgraded the bank to ‘sell’ from ‘hold’ and cut the price target to 454p from 460p following the company’s first-quarter results on Tuesday.

Fellow banks Lloyds Banking Group and HSBC were also under pressure.

FTSE 100 - Risers

easyJet (EZJ) 1,515.00p 3.70%
Centrica (CNA) 240.00p 3.36%
Worldpay Group (WI) (WPG) 265.80p 2.90%
ARM Holdings (ARM) 951.50p 2.59%
GlaxoSmithKline (GSK) 1,496.00p 2.57%
Kingfisher (KGF) 369.30p 2.33%
International Consolidated Airlines Group SA (CDI) (IAG) 547.50p 2.24%
SSE (SSE) 1,528.00p 2.14%
Paddy Power Betfair (PPB) 8,945.00p 2.05%
TUI AG Reg Shs (DI) (TUI) 1,024.00p 1.79%

FTSE 100 - Fallers

Tesco (TSCO) 176.00p -4.06%
Standard Chartered (STAN) 557.40p -2.45%
HSBC Holdings (HSBA) 461.85p -1.61%
Prudential (PRU) 1,390.00p -1.38%
Legal & General Group (LGEN) 237.80p -1.20%
Lloyds Banking Group (LLOY) 69.27p -1.04%
Sky (SKY) 955.50p -1.04%
Royal Bank of Scotland Group (RBS) 249.90p -0.99%
Glencore (GLEN) 150.55p -0.95%
BHP Billiton (BLT) 918.00p -0.95%