FTSE 100 movers: GSK gains on results; Taylor Wimpey tumbles

London’s FTSE 100 was flat at 9,129.72 in afternoon trade on Wednesday.

GSK gained after saying it expects to be towards the top end of its financial guidance for 2025 as it posted a 6% jump in second-quarter sales and a 12% increase in core operating profit.

AstraZeneca also rose.

Miner Glencore advanced after a half-year production report.

Housebuilder Taylor Wimpey was under the cosh as it cut its annual profit guidance by £20m due to a one-off charge, but said it is on track to meet its completions guidance by the end of the year after a "good underlying performance" in the first half.

Group operating profits are now expected to come in at £424m over 2025, down from April’s guidance of £444m, due to charges relating to principal contractor remediation works on a historical site.

BAE Systems lost ground despite upgrading its full-year guidance following "another strong" performance in the first half against a market backdrop of increased defence spending.

The company now expects full-year sales growth of between 8% and 10%, up from previous guidance of 7% to 9%. Underlying earnings before interest and tax are expected to grow between 9% and 11%, up from previous guidance of growth of between 8% and 10%.

It said the share price increase since the start of the year is expected to result in fewer shares being repurchased. This, along with a marginally higher tax rate, means BAE's guidance for earnings per share growth remained unchanged at between 8% and 10%.

Russ Mould, investment director at AJ Bell, said: "Investors might not have liked the news it expects to buy back fewer shares following a strong run, nor the fact its earnings per share guidance has been left unchanged.

"Investors have lofty expectations for all defence stocks and they might have been banking on a significant upgrade to earnings guidance. Without that catalyst, the shares are vulnerable to a bout of profit taking."

Sage Group retreated even as it hailed a solid performance in the first nine months of the year, with total revenue up 9%, and reiterated its guidance for the full year.

HSBC slumped as it reported lower-than-expected first-half profits as it took a large hit from its stake in China’s Bank of Communications.

Pre-tax profit fell by $5.7bn to $15.8bn with the BoC charge coming in at $2.1bn. Second-quarter earnings were down 29% year-on-year to $6.3bn.

FTSE 100 - Risers

GSK (GSK) 1,427.50p 2.18%
AstraZeneca (AZN) 11,400.00p 2.17%
Glencore (GLEN) 311.85p 1.95%
Pershing Square Holdings Ltd NPV (PSH) 4,142.00p 1.92%
Spirax Group (SPX) 6,300.00p 1.69%
InterContinental Hotels Group (IHG) 8,794.00p 1.36%
Informa (INF) 868.00p 1.26%
Flutter Entertainment (DI) (FLTR) 22,880.00p 1.15%
International Consolidated Airlines Group SA (CDI) (IAG) 372.40p 1.00%
Compass Group (CPG) 2,638.00p 1.00%

FTSE 100 - Fallers

Taylor Wimpey (TW.) 100.55p -6.16%
BAE Systems (BA.) 1,754.50p -3.65%
Convatec Group (CTEC) 236.20p -3.36%
Smurfit Westrock (DI) (SWR) 3,493.00p -3.16%
The Sage Group (SGE) 1,220.00p -2.98%
HSBC Holdings (HSBA) 942.00p -2.89%
Kingfisher (KGF) 267.90p -2.30%
Beazley (BEZ) 881.50p -2.16%
Hiscox Limited (DI) (HSX) 1,277.00p -1.92%
Unite Group (UTG) 753.00p -1.50%