FTSE 100 movers: Airlines fly lower; housebuilders boosted by Persimmon results

(Sharecast News) - London's FTSE 100 was down 1% at 8,515.16 in afternoon trade on Tuesday. BA and Iberia owner IAG flew lower after a profit warning from Delta Airlines.

Spirax Group lost ground even as it said it managed to grow organic revenues across the board in 2024 despite industrial production growth being weaker than expected in the second half.

Housebuilder Persimmon was the top gainer on the index as it reported a 10% jump in full-year underlying pre-tax profit to £395.1m, comfortably ahead of consensus expectations of £384m, and lifted its annual house building target.

Barratt Redrow, Taylor Wimpey and Berkeley also rose.

Russ Mould, investment director at AJ Bell, said: "The housebuilding sector has been given a major boost after Persimmon's 2024 numbers came in ahead of expectations as it returned to growth.

"While the scale of the beat was modest, it comes after a difficult period for the sector and therefore the market is eager to seize on even the smallest morsels of good news. Add in a robust outlook for 2025, backed by a strong order book, and all the foundations were in place for a relief rally.

"Crucially, it doesn't look like the property market has fallen off a cliff as the end of the current stamp duty holiday looms. This deadline had driven sales in the early part of the year but at worst it seems prices have stalled rather than gone backwards.

"While there are pockets of build cost inflation, Persimmon seems to be managing them for now. The housebuilders may not get back to the golden period when they benefited from cheap mortgages, rising house prices, stable costs and the Help to Buy scheme stoking demand any time soon, but it does look like the background is stabilising."

London Stock Exchange Group advanced after Oddo BHF upgraded the shares to 'outperform' from 'neutral'. Oddo said LSEG was set for stronger growth in its data business, as well as underlying margin expansion.

FTSE 100 - Risers

Persimmon (PSN) 1,232.00p 5.25% London Stock Exchange Group (LSEG) 11,050.00p 3.32% Barratt Redrow (BTRW) 434.30p 1.76% Rolls-Royce Holdings (RR.) 744.00p 1.53% Taylor Wimpey (TW.) 114.20p 1.51% Intermediate Capital Group (ICG) 2,032.00p 1.40% SEGRO (SGRO) 702.00p 1.36% Sainsbury (J) (SBRY) 262.60p 1.16% Fresnillo (FRES) 847.00p 1.01% Berkeley Group Holdings (The) (BKG) 3,664.00p 0.99%

FTSE 100 - Fallers

International Consolidated Airlines Group SA (CDI) (IAG) 292.00p -5.96% InterContinental Hotels Group (IHG) 8,748.00p -3.87% Rentokil Initial (RTO) 325.70p -3.87% Spirax Group (SPX) 6,755.00p -3.84% Intertek Group (ITRK) 4,982.00p -3.64% Diploma (DPLM) 4,040.00p -3.40% Standard Chartered (STAN) 1,136.00p -2.95% GSK (GSK) 1,513.00p -2.92% Diageo (DGE) 2,120.50p -2.86% Croda International (CRDA) 3,082.00p -2.84%