FTSE 100 movers: Compass bucks the trend; tobacco stocks drop
London's FTSE 100 was down 1.1% to 7,201.73 in afternoon trade on Thursday as the pound surged after an unexpectedly hawkish announcement from the Bank of England.
Contract caterer Compass was the standout gainer after it served up a first quarter update showing improved revenue growth but the catering group said UK cost pressures were "above average".
GlaxoSmithKline advanced as ViiV Healthcare, the global specialist HIV company majority-owned by the group with Pfizer Inc. and Shionogi Limited as shareholders, said it has filed patent infringement litigation against Gilead Sciences over bictegravir in the United States and Canada.
Also on Thursday, Glaxo said a meningitis vaccine it developed has been given 'breakthrough therapy' status by US drug regulators to fast-track its development to becoming a first-line treatment.
Advertising giant WPP rose as 2017 earnings from French rival Publicis met analysts' expectations and the company said organic growth improved throughout 2017.
Going the other way, Smith & Nephew retreated even as it reported a 17% rise in annual profit as the medical products company sold more knee implants and grew strongly in emerging markets.
On the downside, Imperial Brands took a hit as Deutsche Bank cut its price target on the stock to 3,400p from 3,700p.
British American Tobacco was also under the cosh, with traders pointing out that so-called bond proxy stocks were taking a hit.
Randgold Resources was weaker despite an upgrade to 'buy' from 'hold' at HSBC, as gold prices fell.
Risers
Compass Group (CPG) 1,514.00p 5.36%
Smurfit Kappa Group (SKG) 2,506.00p 2.54%
Royal Bank of Scotland Group (RBS) 287.10p 2.28%
WPP (WPP) 1,287.50p 2.06%
Sainsbury (J) (SBRY) 246.90p 1.94%
GlaxoSmithKline (GSK) 1,308.00p 1.76%
NMC Health (NMC) 3,280.00p 1.67%
Barclays (BARC) 196.38p 1.65%
Marks & Spencer Group (MKS) 293.20p 1.59%
Lloyds Banking Group (LLOY) 68.29p 1.38%
Fallers
Imperial Brands (IMB) 2,676.64p -3.02%
British American Tobacco (BATS) 4,519.50p -2.70%
Ashtead Group (AHT) 2,001.00p -2.68%
Randgold Resources Ltd. (RRS) 6,050.00p -2.64%
DCC (DCC) 6,890.00p -2.61%
Berkeley Group Holdings (The) (BKG) 3,798.69p -2.60%
Evraz (EVR) 345.80p -2.56%
BHP Billiton (BLT) 1,475.20p -2.45%
Barratt Developments (BDEV) 558.20p -2.45%
Smith & Nephew (SN.) 1,217.50p -2.33%