FTSE 100 movers: Glaxosmithkline upgraded, miners and oil stocks higher

Glaxosmithkline’s shares were given a boost by UBS which upgraded its rating for the pharmaceutical stock by two notches from ‘sell’ to ‘buy’, saying that the business is now at an “inflection point” after a tough few years. The bank hiked its target price for the stock from 1,250p to 1,700p.

The share price of Anglo American advanced despite the news that it has decided to write-down the value of certain assets by $3.9bn on the back of weaker iron ore prices, pushing the company into the red for the 2014 financial year. Anglo swung to a pre-tax loss of $259m in 2014, compared with a profit of $1.7bn in 2013.

Other miners were also making gains, including BHP Billiton, Glencore and Rio Tinto, as metal prices improved. Even Fresnillo gained despite explaining how foreign exchange movements, depreciation and write-downs would adversely affect its 2014 results.

Oil stocks such as Tullow and BG were trading higher as Brent crude continued its rebound and was trading above $60 a barrel for the first time in 2015.

Rolls-Royce was among the risers after meeting forecasts with its 2014 results, although Investec said that investors are likely to remain cautious about the engine maker ahead of "headwinds" it faces across most businesses next year. The broker placed its ‘hold’ rating, 860p target price and forecasts under review.

Meanwhile, utilities group Severn Trent declined after saying that while it is on track to hit expectations this financial year, operating costs are expected to rise due to the impact of inflation and quasi taxes.

FTSE 100 - Risers
Tullow Oil (TLW) 406.00p +5.43%
Rolls-Royce Holdings (RR.) 950.00p +4.97%
BHP Billiton (BLT) 1,565.00p +4.72%
BG Group (BG.) 977.60p +4.62%
GlaxoSmithKline (GSK) 1,552.00p +4.48%
Antofagasta (ANTO) 733.00p +3.90%
Rio Tinto (RIO) 3,152.50p +3.72%
Glencore (GLEN) 286.65p +3.52%
Anglo American (AAL) 1,205.50p +3.43%
Weir Group (WEIR) 1,903.00p +3.42%

FTSE 100 - Fallers
ARM Holdings (ARM) 1,061.00p -2.21%
Ashtead Group (AHT) 1,078.00p -2.00%
BT Group (BT.A) 441.20p -1.96%
Carnival (CCL) 2,905.00p -1.96%
Burberry Group (BRBY) 1,851.00p -1.91%
Associated British Foods (ABF) 2,910.00p -1.89%
SSE (SSE) 1,570.00p -1.88%
easyJet (EZJ) 1,710.00p -1.84%
United Utilities Group (UU.) 956.00p -1.75%
InterContinental Hotels Group (IHG) 2,623.00p -1.58%