FTSE 100 movers: Persimmon leads housebuilders higher

6th May 2014 14:54

Persimmon led the UK housebuilders higher today, lifted by Barclays which increased its target price on the stock from 1,333.6p to 1,530p. In a report, Barclays said: "Against an improving backdrop, the recent sell-off of house builders warrants close attention. We see strong fundamentals: greater visibility provided by the extension to the Help to Buy scheme; a largely disciplined land market; and a more supportive planning system. Where headwinds exist, notably the threat of rising interest rates, they remain relatively benign in our view, and 2016 valuations look highly attractive." Sector peer Barratt Developments was also a notable riser. BG Group rose after Goldman Sachs upped its target price from 1,500p to 1,530p and retained a 'strong buy' recommendation. Meanwhile, Barclays fell sharply after a weak performance from its investment banking arm contributed to a 5% decline in quarterly adjusted pre-tax profit to £1.7bn in the first quarter. The group said bond trading, currency and commodity (FICC) income in the investment bank declined significantly in the three months to March 31st. The stock was downgraded by Numis Securities from 'add' to 'hold'. Asset manager Aberdeen was another heavy decliner after suffering net outflows of £8.8bn in a "demanding" six months to end-March. Assets under management fell 5% to £190.4bn during the period. Mining stocks were also lower following weaker-than-expected Chinese manufacturing data. Anglo American and Rio Tinto were the most notable fallers. The uncertainty surrounding Pfizer's takoverbid for AstraZeneca ensured that the stock and its sector peer Shire were both in the bottom 10. According to the Financial Times, AstraZeneca has pressed Prime Minister David Cameron to remain neutral over Pfizer's offer, which was rejected by the board last week.FTSE 100 - RisersPersimmon (PSN) 1,368.00p +3.09%Morrison (Wm) Supermarkets (MRW) 200.40p +2.14%Sainsbury (J) (SBRY) 327.90p +2.05%BG Group (BG.) 1,275.00p +1.88%Barratt Developments (BDEV) 381.30p +1.68%Pearson (PSON) 1,112.00p +1.65%Intertek Group (ITRK) 2,975.00p +1.61%Mondi (MNDI) 986.50p +1.34%ARM Holdings (ARM) 897.00p +1.24%Associated British Foods (ABF) 2,935.00p +1.21%FTSE 100 - FallersBarclays (BARC) 246.25p -4.74%Aberdeen Asset Management (ADN) 431.90p -3.14%Coca-Cola HBC AG (CDI) (CCH) 1,435.00p -3.04%Shire Plc (SHP) 3,362.00p -3.03%AstraZeneca (AZN) 4,668.50p -2.90%GKN (GKN) 374.00p -2.32%Anglo American (AAL) 1,536.50p -1.82%BAE Systems (BA.) 394.30p -1.70%Rio Tinto (RIO) 3,197.00p -1.54%SABMiller (SAB) 3,203.00p -1.51%NR