FTSE 100 movers: IAG flies higher on upgrade; Barratt in the red

London’s FTSE 100 was up 0.5% at 8,178.84 in afternoon trade on Wednesday.

IAG flew higher after Morgan Stanley double upgraded the BA and Iberia owner to ‘overweight’ from ‘underweight’ and lifted the price target to €2.80 from €2.10.

The bank said that following its prior concerns, capacity growth now looks increasingly supportive to pricing in both the near and medium term.

"IAG's cheap valuation is not the exception within sector, but the path to earnings upgrades looks clearest," it said.

The bank also said that supportive fare data is showing up in advertised fares in North Atlantic, while advertised data across the rest of the total network is also outperforming.

Budget carrier easyJet also gained.

On the downside, Barratt Developments fell as it warned that completions would be up to 7% lower in the current year, hit by higher mortgage costs.

Fellow housebuilder Taylor Wimpey was also in the red.

FTSE 100 - Risers

Entain (ENT) 664.60p 3.84%
Fresnillo (FRES) 604.50p 3.25%
International Consolidated Airlines Group SA (CDI) (IAG) 178.15p 3.04%
easyJet (EZJ) 478.50p 2.81%
Centrica (CNA) 139.45p 2.39%
Airtel Africa (AAF) 120.40p 2.38%
United Utilities Group (UU.) 1,066.50p 2.35%
Vodafone Group (VOD) 72.66p 2.34%
Schroders (SDR) 375.80p 2.29%
Sainsbury (J) (SBRY) 260.20p 2.28%

FTSE 100 - Fallers

Barratt Developments (BDEV) 478.90p -2.50%
WPP (WPP) 733.00p -1.08%
Smith (DS) (SMDS) 416.00p -0.95%
Halma (HLMA) 2,655.00p -0.75%
Convatec Group (CTEC) 240.40p -0.74%
Sage Group (SGE) 1,047.50p -0.66%
Pershing Square Holdings Ltd NPV (PSH) 4,220.00p -0.61%
Informa (INF) 846.80p -0.49%
Taylor Wimpey (TW.) 150.00p -0.46%
Darktrace (DARK) 585.40p -0.44%