FTSE 100 movers: Vistry tumbles on profit warning; IAG flies higher

London’s FTSE 100 was down 0.8% at 8,076.65 in afternoon trade on Friday.

Vistry tumbled as the housebuilder warned on full-year profits again, cutting its forecast for completions and pointing to the impact from issues in the South Division.

The housebuilder now expects FY24 adjusted pre-tax profit of around £300m, down from a forecast of £350m last month.

The company already warned on profits in October, saying it was expecting FY24 profit to be £80m lower, FY25 profit to be around £30m lower and profit for FY25 to be hit by £5m.

It said at the time that this was because it had underestimated build costs on nine schemes in its Southern Division.

Miners were also under the cosh after China’s latest $1.4 trillion stimulus package failed to impress. Antofagasta, Rio Tinto, Glencore and Anglo American were among the worst performers.

Asia-focused Prudential was also in the red.

BA and Iberia owner IAG flew to the top of the index as it posted a 15% jump in third-quarter operating profit to €2.01bn and a 7.9% increase in revenue, and announced a €350m share buyback.

EasyJet also gained.

AstraZeneca rose as it announced positive high-level results from a phase III trial for its Texspire treatment for nasal polyps.

Relx was also in the black as JPMorgan Cazenove lifted its price target on the stock to 4,550p from 4,200p to reflect an acceleration in the Legal and STM (scientific, technical & medical) divisions driven by generative AI.

FTSE 100 - Risers

International Consolidated Airlines Group SA (CDI) (IAG) 233.90p 6.90%
Hikma Pharmaceuticals (HIK) 1,842.00p 2.28%
InterContinental Hotels Group (IHG) 9,188.00p 2.00%
AstraZeneca (AZN) 9,917.00p 1.97%
easyJet (EZJ) 547.00p 1.90%
BT Group (BT.A) 139.10p 1.53%
Relx plc (REL) 3,687.00p 1.32%
Pearson (PSON) 1,196.00p 1.18%
Intertek Group (ITRK) 4,588.00p 1.10%
Unite Group (UTG) 862.00p 0.82%

FTSE 100 - Fallers

Vistry Group (VTY) 716.00p -18.03%
Antofagasta (ANTO) 1,707.00p -5.61%
Marks & Spencer Group (MKS) 375.70p -4.45%
Rio Tinto (RIO) 4,974.50p -4.35%
Glencore (GLEN) 399.15p -3.91%
Anglo American (AAL) 2,391.00p -3.55%
Prudential (PRU) 650.60p -3.13%
JD Sports Fashion (JD.) 120.50p -2.82%
HSBC Holdings (HSBA) 696.80p -2.63%
Sainsbury (J) (SBRY) 250.20p -2.57%