FTSE 100 movers: Glaxo rallies; Legal & General goes ex div

London’s FTSE 100 was up 0.6% at 6,977.46 in afternoon trade on Thursday.

GlaxoSmithKline was the top performer following a report that activist hedge fund Elliott Management has built a multibillion-pound stake in the pharmaceuticals company. According to the Financial Times, the stake taken is "significant".

Kingfisher was a high riser after Citi upped its stance on shares of the B&Q owner to ‘neutral’ from ‘sell’. It said ongoing DIY strength amid extended lockdowns provides good support to current expectations.

Citi added that the company’s management team has addressed several shortcomings to support performance in line with the market and the current DIY strength puts it in a sweet spot with limited need for promotional spend and disciplined competition.

Diageo was in the black after HSBC upped its price target on the drinks maker.

On the downside, Legal & General, St James’s Place, Standard Life Aberdeen and Lloyds were all weaker as they traded without entitlement to the dividend.

FTSE 100 - Risers

GlaxoSmithKline (GSK) 1,348.80p 4.59%
Kingfisher (KGF) 351.20p 3.32%
Smurfit Kappa Group (CDI) (SKG) 3,520.00p 3.26%
B&M European Value Retail S.A. (DI) (BME) 555.40p 2.89%
Antofagasta (ANTO) 1,854.50p 2.88%
Mondi (MNDI) 1,920.00p 2.54%
Johnson Matthey (JMAT) 3,191.00p 2.44%
Smith (DS) (SMDS) 416.00p 2.36%
Diageo (DGE) 3,222.00p 2.08%
Fresnillo (FRES) 919.00p 2.00%

FTSE 100 - Fallers

Legal & General Group (LGEN) 277.10p -4.68%
JD Sports Fashion (JD.) 905.80p -2.69%
Evraz (EVR) 611.80p -2.08%
St James's Place (STJ) 1,330.50p -2.06%
Standard Life Aberdeen (SLA) 285.90p -1.92%
Compass Group (CPG) 1,581.50p -1.34%
Next (NXT) 7,980.00p -1.07%
Tesco (TSCO) 225.20p -0.97%
Lloyds Banking Group (LLOY) 43.42p -0.92%
Burberry Group (BRBY) 2,069.00p -0.81%