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FTSE 100 movers: BP gains; Barclays hit by downgrade
(Sharecast News) - London's FTSE 100 was up 0.2% at 8,986.82 in afternoon trade on Friday.
BP was in the black as the oil giant agreed to sell its US onshore wind business, BP Wind Energy, to LS Power, a development, investment and operating company focused on the North American power and energy infrastructure sector.
No financial details were disclosed, but BP said that once the deal completes, BP Wind Energy will be owned and operated as part of LS Power portfolio company Clearlight Energy, increasing its operating fleet to around 4.3GW.
GSK was under the cosh after the US Food and Drug Administration recommended against approving its blood cancer drug Blenrep.
Dan Coatsworth, investment analyst at AJ Bell, said: "A troubling £3.8 billion has been wiped off the value of GSK after the US drug regulator cast doubt over its blood cancer drug, Blenrep, being approved for use.
"The FDA has voted against the proposed dosage from a benefit/risk perspective. It means the likelihood of Blenrep's approval next week is looking extremely slim.
"There is always a high risk with drug developments and pharmaceutical companies are no strangers to setbacks. However, Blenrep was particularly important to GSK, with analysts forecasting peak annual sales in the region of £2.9 billion and the drug had one of the highest probabilities of approval in its pipeline.
"This situation, along with the prospect of new tariffs on drugs imported into the US, means GSK is suddenly on the sick bed. GSK has lost nearly a tenth of its market value in the past eight days, which is worrying for a company of its stature."
Barclays was knocked lower by a downgrade to 'neutral' from 'buy' at Citi following the run-up in the shares.
FTSE 100 - Risers
Schroders (SDR) 402.40p 2.65% Marks & Spencer Group (MKS) 343.60p 2.38% Antofagasta (ANTO) 1,863.50p 2.31% Rentokil Initial (RTO) 353.60p 1.90% BAE Systems (BA.) 1,933.50p 1.82% Anglo American (AAL) 2,236.00p 1.78% Melrose Industries (MRO) 545.00p 1.68% BP (BP.) 403.85p 1.66% DCC (CDI) (DCC) 4,778.00p 1.57% Intermediate Capital Group (ICG) 2,138.00p 1.52%
FTSE 100 - Fallers
GSK (GSK) 1,346.00p -4.74% Mondi (MNDI) 1,131.50p -3.08% Barclays (BARC) 346.55p -1.32% Lloyds Banking Group (LLOY) 77.30p -1.15% NATWEST GROUP (NWG) 491.00p -1.11% Smurfit Westrock (DI) (SWR) 3,377.00p -1.03% Airtel Africa (AAF) 186.40p -0.90% Weir Group (WEIR) 2,658.00p -0.60% The Sage Group (SGE) 1,251.50p -0.60% Entain (ENT) 949.80p -0.59%
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