FTSE 100 movers: GSK boosted by upgrade; housebuilders slump

London’s FTSE 100 was down 0.9% at 7,507.41 in afternoon trade on Tuesday.

Housebuilders slumped as the latest UK jobs data suggested interest rates could stay higher for longer, with Persimmon, Barratt Developments and Taylor Wimpey all lower. Property portal Rightmove also fell.

On the upside, GSK was the standout gainer after an upgrade to ‘buy’ from ‘neutral’ at Citi.

The bank said it had based its decision on "compelling" data about Blenrep, GSK’s novel treatment for multiple myeloma, as well as a range of other positive indicators.

It increased its earnings per share forecasts by 50%, reflecting the reinstatement of peak Blenrep revenues of around £2.5bn.

Citi said: "We have been teetering on the edge of upgrading GSK for several months.

"The compelling data with Blenrep in myeloma is the missing piece that pushes us over the line after the last seven years without a positive recommendation."

FTSE 100 - Risers

GSK (GSK) 1,655.60p 1.80%
BP (BP.) 485.65p 1.29%
AstraZeneca (AZN) 9,594.00p 0.98%
Centrica (CNA) 135.65p 0.89%
Shell (SHEL) 2,512.50p 0.68%
HSBC Holdings (HSBA) 612.00p 0.59%
United Utilities Group (UU.) 1,038.00p 0.58%
Smith (DS) (SMDS) 320.50p 0.31%
Unilever (ULVR) 4,000.00p 0.18%
Severn Trent (SVT) 2,499.00p 0.16%

FTSE 100 - Fallers

Scottish Mortgage Inv Trust (SMT) 767.20p -4.91%
Persimmon (PSN) 1,358.00p -4.30%
Rightmove (RMV) 528.80p -4.17%
Barratt Developments (BDEV) 468.70p -4.05%
Ocado Group (OCDO) 515.20p -4.02%
Taylor Wimpey (TW.) 142.00p -4.02%
Intermediate Capital Group (ICP) 1,736.00p -4.01%
Diploma (DPLM) 3,254.00p -3.90%
Sage Group (SGE) 1,132.00p -3.66%
RS Group (RS1) 761.60p -3.64%