FTSE 100 movers: Housebuilders, Old Mutual slump; Coca-Cola fizzes higher

London’s FTSE 100 index was down 0.1% to 6,862.60 in afternoon trade, with housebuilders under pressure.

Housebuilders lost ground, with British Land and Taylor Wimpey weaker after a survey by the Royal Institution of Charted Surveyors (Rics) showed British house price growth slowed in the month following the UK’s vote to leave the European Union.

Its headline price balance - a leading indicator of other house price indexes - fell to +5 in July from +15 in June, its lowest level since April 2013. Analysts had forecast a reading of +6.

Property transactions fell at the same pace as in June, marking the weakest two months since mid-2008.

Old Mutual was under the cosh after it reported a 9% decline first-half adjusted operating profit that missed analysts’ expectations.

Travis Perkins was also under pressure after Barclays downgraded the stock to ‘underweight’ from ‘equalweight’ and slashed the price target to 1,400p from 1,950p saying the UK’s vote to leave the European Union will have a large impact on the business than the market expects, which will hit the valuation.

“The combination of earnings risk, likely valuation downside and the potential for a lengthy period of uncertainty in the UK leads us to downgrade to an ‘underweight’ rating.”

The index was also weighed down by a slew of stocks going ex-dividend on Thursday, including Berkeley Group, BT and Royal Dutch Shell.

On the upside, Coca-Cola HBC was the standout gainer after it posted an 11% jump in first-half operating profit and sounded an upbeat note on the full-year outlook.

TUI was also in the black after its third-quarter results revealed that geopolitics and a spate of violent attacks in parts of Europe hit its revenues but the travel group was still confident of reaching its full year targets.

Turnover of €4.6bn in the three months to 30 June was down 5.7% on the same period, and while missing some analyst forecasts not as bad as some feared, while earnings before interest, tax and amortisation (EBITA) rose 1.1% to €180m.

Risers

Coca-Cola HBC AG (CDI) (CCH) 1,682.00p 7.07%
TUI AG Reg Shs (DI) (TUI) 1,035.00p 2.27%
British American Tobacco (BATS) 4,948.50p 1.85%
Intertek Group (ITRK) 3,631.00p 1.79%
Sage Group (SGE) 734.00p 1.59%
Unilever (ULVR) 3,610.00p 1.59%
National Grid (NG.) 1,093.50p 1.58%
Imperial Brands (IMB) 4,117.50p 1.47%
Compass Group (CPG) 1,494.00p 1.43%
Reckitt Benckiser Group (RB.) 7,516.00p 1.29%

Fallers

Old Mutual (OML) 213.40p -5.37%
Berkeley Group Holdings (The) (BKG) 2,473.00p -5.36%
Direct Line Insurance Group (DLG) 373.50p -4.96%
BT Group (BT.A) 393.40p -3.67%
British Land Company (BLND) 648.50p -2.33%
Travis Perkins (TPK) 1,525.00p -2.24%
Land Securities Group (LAND) 1,079.00p -2.09%
Taylor Wimpey (TW.) 150.90p -1.89%
ITV (ITV) 196.80p -1.85%
Royal Dutch Shell 'A' (RDSA) 1,881.50p -1.83%