FTSE 100 movers: GSK gains on Zantac news; banks slump

(Sharecast News) - London's FTSE 100 was flat at 8,345.78 in afternoon trade on Wednesday. GSK gained as it said the Delaware Supreme Court would review a previous decision allowing expert evidence in the Zantac litigation - an important step in the company's defence against claims that the drug causes cancer.

Banks were under the cosh, with NatWest, Barclays and Lloyds all down after the Financial Times cited a former senior Whitehall official as saying that banks could be targeted in the October budget. The FT said the official suggested a levy could raise several billions of pounds.

Kingfisher was in the red as Citi downgraded shares of the B&Q and Castorama owner to 'neutral' from 'buy', citing limited scope for near-term upgrades.

The bank noted the shares have had a good run, up around 32% from their February lows, supported by an improving macro backdrop in the UK and Poland, as well as ongoing share buybacks.

"While we continue to see scope for stronger UK outlook on the back of healthy consumer sentiment trends and higher housing market activity in FY 2025/26e, we move neutral here as we see limited upside risks to estimates amidst ongoing weakness in France and incrementally lacklustre consumer sentiment trends in Poland," it said.

"Stock trades on P/E of 14x, EV/EBIT of 11.7x and EV/Sales of 0.56x on our FY25e estimates and we see limited upside to current valuation near term."

Luxury fashion brand Burberry was also out of fashion ahead of an expected demotion from the top-flight index.

FTSE 100 - Risers

Coca-Cola HBC AG (CDI) (CCH) 2,802.00p 2.19% GSK (GSK) 1,648.00p 1.85% Weir Group (WEIR) 1,952.00p 1.30% BAE Systems (BA.) 1,337.00p 1.29% Halma (HLMA) 2,569.00p 1.22% Diploma (DPLM) 4,398.00p 1.15% Experian (EXPN) 3,658.00p 1.13% Aviva (AV.) 503.40p 1.08% Melrose Industries (MRO) 480.90p 1.01% Intertek Group (ITRK) 4,852.00p 1.00%

FTSE 100 - Fallers

Antofagasta (ANTO) 1,837.00p -3.85% NATWEST GROUP (NWG) 336.10p -3.81% Burberry Group (BRBY) 671.60p -3.06% Barclays (BARC) 223.35p -2.98% Lloyds Banking Group (LLOY) 58.02p -1.99% Anglo American (AAL) 2,237.00p -1.84% Kingfisher (KGF) 281.80p -1.74% Glencore (GLEN) 403.50p -1.71% Fresnillo (FRES) 546.50p -1.44% JD Sports Fashion (JD.) 141.10p -1.40%