FTSE 100 movers: HSBC rallies on results; housebuilders fall
London’s FTSE 100 was down 1% at 5,731.95 in afternoon trade on Tuesday
Housebuilders were in the red, with Persimmon, Barratt Developments and Taylor Wimpey all weaker. Traders pointed to a story in The Financial Times suggesting that Prime Minister Boris Johnson’s proposed shake-up of planning rules in England will stall housebuilding for several years while councils are forced to rewrite their local development blueprints for new homes.
Going the other way, HSBC was sitting pretty at the top of the index after saying it planned to move to a fee-based businesses model as it unveiled a less-than-expected 35% fall in third quarter profits.
Pre-tax profit for the three months to 30 September came in at $3.1bn, compared with a $2.07bn average of analysts' estimates compiled by the bank.
The bank also said that losses from bad loans were forecast to be at the lower end of the $8bn to $13bn range set out earlier this year.
FTSE 100 - Risers
HSBC Holdings (HSBA) 332.80p 4.21%
Ocado Group (OCDO) 2,327.00p 2.96%
DCC (DCC) 5,152.00p 2.63%
Fresnillo (FRES) 1,243.50p 2.09%
Hikma Pharmaceuticals (HIK) 2,598.00p 1.68%
London Stock Exchange Group (LSE) 8,562.00p 1.66%
Pennon Group (PNN) 1,048.00p 1.65%
GlaxoSmithKline (GSK) 1,360.40p 1.16%
Croda International (CRDA) 6,316.00p 1.15%
Severn Trent (SVT) 2,569.00p 1.02%
FTSE 100 - Fallers
M&G (MNG) 156.20p -6.05%
Legal & General Group (LGEN) 187.15p -4.32%
WPP (WPP) 630.20p -4.31%
Prudential (PRU) 1,011.00p -4.22%
Persimmon (PSN) 2,412.00p -4.10%
Coca-Cola HBC AG (CDI) (CCH) 1,886.00p -3.60%
Land Securities Group (LAND) 530.70p -3.56%
Barratt Developments (BDEV) 508.40p -3.35%
Glencore (GLEN) 160.82p -3.26%
Taylor Wimpey (TW.) 111.80p -3.25%