FTSE 100 movers: ITV rallies on update; GSK drops after cutting guidance
London's FTSE 100 was up 0.3% to 7,457.60 in afternoon trade as investors continued to mull over the latest UK GDP release.
ITV was the standout gainer after the broadcaster upped its interim dividend as a show of confidence in the underlying business as first-half profits fell 8%, with a decline in advertising sales joined by fall in production profits due to higher investment and timing of shows.
Going the other way, GlaxoSmithKline was among the fallers after it cut its full year guidance for earnings per share to 3-5% at constant exchange rates from the previous 5-7% after sales growth slowed in the second quarter, while a new strategic rejig will see a flat dividend next year.
Retail property developer Hammerson was in the red. It reported a rise in first half pre-tax profits of £289.7m from £167.2m boosted by record leasing activity and positive capital value growth, but warned that UK retailers were experiencing cost pressures from sterling weakness, adjustments to business rates and higher minimum wages.
Engineer GKN retreated as it reported a jump in first-half profits and said it has closed its UK defined pension scheme, but margins were down across the board and the performance of the aerospace division failed to impress.
Antofagasta was trading lower despite reporting growth in copper and gold production in the second quarter.
Risers
ITV (ITV) 180.10p 2.39%
Anglo American (AAL) 1,195.00p 2.01%
Sainsbury (J) (SBRY) 249.30p 1.71%
British American Tobacco (BATS) 5,372.00p 1.68%
Barratt Developments (BDEV) 613.50p 1.66%
Next (NXT) 3,793.00p 1.58%
Mondi (MNDI) 2,049.00p 1.54%
Shire Plc (SHP) 4,302.00p 1.47%
BT Group (BT.A) 310.90p 1.40%
Old Mutual (OML) 196.80p 1.39%
Fallers
Paddy Power Betfair (PPB) 7,440.00p -2.55%
GlaxoSmithKline (GSK) 1,564.00p -1.39%
Standard Chartered (STAN) 832.70p -1.01%
Hammerson (HMSO) 580.00p -0.94%
HSBC Holdings (HSBA) 752.60p -0.49%
GKN (GKN) 325.40p -0.40%
Experian (EXPN) 1,516.00p -0.39%
Rolls-Royce Holdings (RR.) 922.00p -0.32%
Standard Life (SL.) 430.00p -0.23%
Antofagasta (ANTO) 949.00p -0.21%