Real estate giants British Land PLC and Land Securities PLC were both under pressure in lunchtime trade as analysts at City broker Panmure Gordon downgraded their ratings for both to 'Hold' from 'Buy'.
FTSE 100-listed British Land shed 4.8% to 410.10p with the Panmure analysts also reducing its price target to 449p from 567p.
Meanwhile, fellow blue chip Land Securities fell 3.8% to 625.60p, with its target price chopped to 645p from 829p.
11.35am: IXICO jumps as it says full-year underlying profits will be comfortably ahead of its previous guidance
IXICO PLC saw its shares jump 9.2% higher to 38.75p in late morning trading after the brain scan data specialist said underlying profits this year to end-September will be comfortably ahead of its previous guidance of £1.2mln.
Revenues for the year are broadly in line with market expectations, it added, with £0.2mln of revenues expected to move from 2022 into 2023 due to the timing of client trials.
It noted that revenues in 2023 are expected to be around £7mln, of which £5mln is already contracted, said the company, and which includes the impact of previously announced client trial cessations.
11.25am: Reckitt Benckiser drops on news its chief executive Laxman Narasimhan is leaving
Reckitt Benckiser Group PLC featured among the FTSE 100 fallers, down 4.4% to 6,356p following news its chief executive Laxman Narasimhan is leaving the consumer goods group after exactly three years, as he wants to leave the UK and move back to the US.
The Durex, Dettol and Cillit Bang owner said he has departed with immediate effect after being approached for a role that enables him to move back to the US.
Senior independent director Nicandro Durante, former boss of British American Tobacco, has stepped into the role of interim chief executive, it added, and the process to find a new permanent CEO has begun.
11.00am: Pearson a rare riser in the FTSE 100 as JP Morgan sings praises
Pearson PLC (LSE:PSON) was one of a handful of risers in the FTSE 100 today supported by positive comments from JPMorgan Cazenove (JPM).
Shares rose 1.6% and bucked the trend against the wider market as the broker reinstated coverage of the company with an overweight rating and a 1,010p price target.
JPM said it believes that Pearson is “walking the walk” and is making good progress on delivering on its strategy.
“It’s defensive qualities, low risk, good quality and strong earnings momentum suggest that it has the attributes for further outperformance” JPM said.