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Highlights:
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Vistry Group PLC faced significant losses, becoming one of the FTSE 100's biggest fallers after a profit warning.
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GSK PLC shares surged on news of a settlement regarding Zantac lawsuits, lifting the index in early trading.
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The UK housing market shows signs of recovery, with house prices increasing for the first time in two years.
On Thursday, Vistry Group PLC continued to struggle, marking a notable decline of 1.8% in morning trading. This downturn followed a recent profit warning, placing Vistry among the FTSE 100's biggest losers for the day. Other companies such as Taylor Wimpey PLC and WPP PLC also weighed on the index, while Tesco PLC and Kingfisher PLC went ex-dividend, further impacting market performance. The FTSE 100 index itself remained relatively flat, having relinquished an initial gain of 25 points.
In contrast, GSK PLC {LSE:GSK} experienced a robust rise of 5.9% after announcing a substantial settlement related to its heartburn medication Zantac, which had been linked to cancer claims. This announcement made GSK the biggest riser in the index, positively influencing overall market sentiment and aiding the FTSE 100 in recovering from earlier declines.
The oil market also showed slight recovery, with benchmark Brent crude trading just below $77 a barrel. This improvement followed a slump, although concerns about a potential supply glut continued to overshadow fears of geopolitical tensions in the Middle East.
Meanwhile, the housing market in the UK reported encouraging developments, as house prices increased nationally for the first time in two years. According to the Royal Institute of Chartered Surveyors (RICS), more surveyors reported rising prices than those indicating a decline. This trend reflects a broader recovery in buyer demand, driven by a recent easing in mortgage interest rates, leading to a positive outlook for future housing market activity.
Additionally, Meta Platforms Inc (NASDAQ) announced the rollout of its AI assistant in the UK, enhancing user experience across its social media platforms.