FTSE 100 movers: Housebuilders rally but Vodafone hit by broker note

London's FTSE 100 was up 0.9% at 6,925.82 in afternoon trade on Wednesday, buoyed by hopes that the US and China can come to an agreement on trade.

Energy services company Wood Group was the standout performer as oil prices rose amid optimism over the latest round of Sino-US trade talks, with West Texas Intermediate up 3.2% at $51.40 a barrel and Brent crude 2.8% higher at $60.41.

Taylor Wimpey rallied after saying it would report 2018 full year results in line with expectations as the housing market remained stable despite uncertainties caused by Brexit. In a trading statement for the year to 31 December 2018, it said total home completions increased by 3% to 14,947, including joint ventures.

Peers Persimmon and Berkeley both advanced. .

Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said: "These are pretty good numbers from Taylor Wimpey. Sales rates are moving in the right direction, the development pipeline looks promising and investors will be pleased that the dividend’s set to grow again next year too.

"That said, the group can’t hide from the Brexit question. Build costs are still creeping up and any major blow to house prices would test Taylor’s foundations as margins get a squeeze. The housing market in the South East is already stagnating, and the company could really do without the malaise spreading."

Miners were also in the green, with Antofagasta and Anglo both up as base metals prices were boosted by Sino-US trade hopes.

ITV was among the risers for the second day in a row after Liberum said on Tuesday that Sky's five-year deal with STV announced on Monday suggests a deal between ITV and Sky could be on the cards.

On the downside, Vodafone was under the cosh as Macquarie said in a note that structural challenges at the company remain significant.

"We continue to believe Vodafone is structurally challenged in its battles with incumbents due to its lack of scale and significant capex burden," it said of the underperform-rated stock. "We think Vodafone needs to partner more with its networks in Germany, UK and Italy in order to reduce its current capital employed and future burden."

FTSE 100 - Risers

Wood Group (John) (WG.) 602.00p 6.17%
Taylor Wimpey (TW.) 148.75p 5.95%
ITV (ITV) 138.70p 5.56%
Antofagasta (ANTO) 854.60p 5.04%
Micro Focus International (MCRO) 1,507.00p 4.94%
Anglo American (AAL) 1,823.60p 3.91%
Ocado Group (OCDO) 893.40p 3.88%
GVC Holdings (GVC) 742.00p 3.78%
Persimmon (PSN) 2,115.00p 3.68%
Berkeley Group Holdings (The) (BKG) 3,733.00p 3.38%

FTSE 100 - Fallers

Vodafone Group (VOD) 152.28p -2.13%
Royal Bank of Scotland Group (RBS) 222.90p -1.28%
Diageo (DGE) 2,716.50p -0.68%
Paddy Power Betfair (PPB) 6,770.00p -0.59%
Relx plc (REL) 1,639.20p -0.53%
Land Securities Group (LAND) 825.60p -0.51%
easyJet (EZJ) 1,142.00p -0.48%
British Land Company (BLND) 544.20p -0.48%
Centrica (CNA) 130.75p -0.38%
AstraZeneca (AZN) 5,881.00p -0.29%