FTSE 100 movers: BAE Systems rallies on upgrade; NMC slumps

London’s FTSE 100 was up 0.3% at 7,607.02 in afternoon trade on Monday, with sterling under the cosh as investors mulled the latest GDP figures.

BAE Systems was the standout gained on the back of an upgrade at Bank of America Merrill Lynch, while Taylor Wimpey was boosted by upgrades at Merrill and Peel Hunt.

Hikma Pharmaceuticals was on the front foot after signing an exclusive licensing and distribution agreement with Chiesi Farmaceutici, a research-focused business headquartered in Italy.

NMC Health was under pressure following a report that the UAE healthcare operator is preparing to take legal action against US research firm Muddy Waters.

The Mail on Sunday cited a source close to the company as saying that NMC has engaged two major law firms to advise on filing a possible lawsuit to repair its reputation, after Muddy Waters accused the group in December of manipulating its balance sheet to understate debt, among other things.

The source said: "NMC Health is considering all potential legal remedies, both civil and criminal."

Elsewhere, St James’s Place was knocked lower by a downgrade to ‘underperform’ from ‘neutral’ at Credit Suisse, which cut its price target on the stock to 900p from 940p.

FTSE 100 - Risers

BAE Systems (BA.) 612.80p 3.37%
Severn Trent (SVT) 2,529.00p 2.85%
Taylor Wimpey (TW.) 203.10p 2.76%
Centrica (CNA) 87.94p 2.57%
Evraz (EVR) 400.80p 2.48%
United Utilities Group (UU.) 970.40p 2.47%
Intertek Group (ITRK) 5,890.00p 2.43%
Rightmove (RMV) 650.20p 1.94%
Hikma Pharmaceuticals (HIK) 1,943.50p 1.94%
Ocado Group (OCDO) 1,283.50p 1.91%

FTSE 100 - Fallers

NMC Health (NMC) 1,274.00p -5.59%
Associated British Foods (ABF) 2,577.00p -1.68%
Lloyds Banking Group (LLOY) 59.36p -1.61%
Mondi (MNDI) 1,655.50p -1.34%
Rolls-Royce Holdings (RR.) 673.80p -1.29%
Royal Bank of Scotland Group (RBS) 232.90p -1.02%
St James's Place (STJ) 1,128.50p -0.92%
Smith (DS) (SMDS) 372.60p -0.83%
Rentokil Initial (RTO) 451.80p -0.75%
Just Eat (JE.) 894.60p -0.71%