FTSE 100 movers: BAE Systems, Glencore gain; Unilever hit by downgrade

(Sharecast News) - London's FTSE 100 was 1.4% firmer at 10,704.61 in afternoon trade on Wednesday. Defence firm BAE Systems shot higher after it reported a better-than-expected rise in annual profits as it cashed in on higher government defence spending amid rising geopolitical tensions.

The company said full-year underlying operating profit jumped 12% to £3.32bn, beating expectations of a 9% to 11% increase, with its order backlog hitting a record £83.6bn.

Glencore was also on the front foot as its full-year earnings declined less than expected. Miners more generally enjoyed solid gains amid higher copper prices, with Antofagasta and Anglo American also up.

On the downside, Unilever lost ground after Berenberg downgraded the consumer goods giant to 'hold' from 'buy'.

"The company has, in our view, completed its transformation into a simpler, more agile, faster-growing and more profitable business versus two to three years ago, and following the recent share price performance, we believe this is well reflected in the stock's valuation," the bank said.

FTSE 100 - Risers

Antofagasta (ANTO) 3,839.00p 6.14% Glencore (GLEN) 506.20p 4.16% BAE Systems (BA.) 2,102.00p 3.60% Airtel Africa (AAF) 358.60p 3.46% Anglo American (AAL) 3,615.00p 3.32% St James's Place (STJ) 1,258.50p 3.24% NATWEST GROUP (NWG) 629.60p 2.51% Barclays (BARC) 484.60p 2.25% HSBC Holdings (HSBA) 1,298.60p 2.24% Fresnillo (FRES) 3,816.00p 2.20%

FTSE 100 - Fallers

International Consolidated Airlines Group SA (CDI) (IAG) 429.90p -3.39% BT Group (BT.A) 203.10p -2.54% Diageo (DGE) 1,755.00p -2.28% easyJet (EZJ) 480.60p -2.18% Entain (ENT) 565.80p -1.87% Flutter Entertainment (DI) (FLTR) 9,068.00p -1.56% DCC (CDI) (DCC) 5,170.00p -1.15% Unilever (ULVR) 5,361.00p -0.96% Ashtead Group (AHT) 5,074.00p -0.90% Games Workshop Group (GAW) 16,760.00p -0.89%