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FTSE 100 movers: Bunzl gains on upgrade; GSK slumps on acquisition

Tue 09 Jun 2026 14:05

(Sharecast News) - London's FTSE 100 was down 0.4% at 10,332.58 in afternoon trade on Tuesday. Bunzl was up after Exane BNP Paribas upgraded the shares to 'outperform' from 'neutral' and hiked the price target to 3,000p from 2,450p as it said the market has priced the company for permanent damage, but overshot.

Exane said it met with Bunzl's chief executive last week and the meetings gave it increased confidence that the remedial actions and operational changes implemented in North America are bearing fruit.

"Execution issues in North America appear remedied - confirmed in our meetings with the CEO last week - and this de-risks the earnings base just as plastics-led inflation begins flowing through Bunzl's fast-repricing SME model," the bank said.

"On circa 9% free cash yield and priced for just 1% LT annual profit growth, the shares look too cheap."

GSK was under the cosh after it agreed to buy Boston-based oncology-focused biopharmaceutical firm Nuvalent for $10.6bn (£7.9bn).

Russ Mould, investment director at AJ Bell, said: "The initial share price response indicates some trepidation among investors which is understandable given the size of the takeover. GSK is paying a hefty premium to get the deal over the line and the two big lung cancer products flagged by Miels in heralding the takeover still await regulatory approval. Any acquisition of this size will always face challenges around integration."

Software-related stocks were in the red again, with Sage Group, Relx and Experian all lower.

FTSE 100 - Risers

Croda International (CRDA) 2,964.00p 3.63% Metlen Energy & Metals (MTLN) 41.18p 3.23% Bunzl (BNZL) 2,560.00p 2.65% IG Group Holdings (IGG) 1,882.00p 2.40% Entain (ENT) 584.60p 2.18% Burberry Group (BRBY) 1,137.00p 2.07% Admiral Group (ADM) 3,358.00p 1.63% JD Sports Fashion (JD.) 85.20p 1.58% Diageo (DGE) 1,519.50p 1.50% Airtel Africa (AAF) 349.00p 1.45%

FTSE 100 - Fallers

Standard Chartered (STAN) 1,867.50p -3.00% AstraZeneca (AZN) 13,512.00p -2.09% The Sage Group (SGE) 845.20p -1.93% HSBC Holdings (HSBA) 1,343.00p -1.79% Glencore (GLEN) 580.30p -1.72% BT Group (BT.A) 200.20p -1.62% GSK (GSK) 1,885.00p -1.36% Mondi (MNDI) 737.00p -1.15% Relx plc (REL) 2,573.00p -1.04% Experian (EXPN) 2,610.00p -0.99%

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