FTSE 100 movers: BG dives after slashing production guidance

BG Group shocked the market today by cutting back production guidance as a result of a number of delays to project start-ups. It now expects full-year production will be just three per cent higher than in 2011, while 2013 output is not expected to show any growth at all. The firm also announced that it would be selling 40% of certain interest in its Queensland Curtis LNG project in Australia for $1.93bn, as well as a sale of LNG from its global LNG portfolio. Seymour Pierce analyst Sam Wahab however noted that the group currently has an asset divestment programme to reduce net debt exposure, and thinks the sudden announcement of the disposal "would suggest that the disposal of their Australian LNG interest was forced upon them rather than a strategic decision." UK banking giant Barclays dropped despite meeting forecasts in the third quarter with strong growth seen in adjusted pre-tax profits, from £1.34bn to £1.73bn. The firm however revealed new "legal and regulatory matters" which include two new probes in the US. Pharmaceuticals giant GlaxoSmithKline's third quarter figures came in short of expectations on most fronts, while full year sales are now expected to be little changed from 2011. Against expectations of earnings per share (EPS) of 28.7p, Glaxo delivered 26.5p, down 13% year-on-year or down 11% on a constant exchange rates (CER) basis. Meanwhile, shares in oil and gas producer Tullow Oil surged after the firm announced that its Twiga South-1 exploration well onshore Kenya Block 13T has successfully encountered oil. Sector peer Petrofac was also higher. Life assurance company Standard Life gained after saying inflows across its long-term savings businesses plus a strong performance at Standard Life Investments helped to increase both group assets under administration and Standard Life Investments third party assets to record levels. International Consolidated Airlines Group (IAG) gained back some of its losses made earlier this week as the passing of Hurricane Sandy made it once again possible to operate trans-Atlantic routes. FTSE 100 - RisersTullow Oil (TLW) 1,412.00p +2.17%Standard Life (SL.) 291.60p +2.10%International Consolidated Airlines Group SA (CDI) (IAG) 161.60p +1.89%Petrofac Ltd. (PFC) 1,576.00p +1.81%Melrose (MRO) 242.20p +1.55%Randgold Resources Ltd. (RRS) 7,360.00p +1.52%Resolution Ltd. (RSL) 216.90p +1.50%Kingfisher (KGF) 289.90p +1.40%IMI (IMI) 958.00p +1.38%Aggreko (AGK) 2,154.00p +1.17%FTSE 100 - FallersBG Group (BG.) 1,120.50p -15.72%Barclays (BARC) 229.20p -4.02%Croda International (CRDA) 2,205.00p -2.65%Kazakhmys (KAZ) 711.50p -2.47%GlaxoSmithKline (GSK) 1,386.00p -2.39%Severn Trent (SVT) 1,615.00p -2.18%United Utilities Group (UU.) 683.00p -1.73%Imperial Tobacco Group (IMT) 2,330.00p -1.69%ARM Holdings (ARM) 664.50p -1.63%InterContinental Hotels Group (IHG) 1,533.00p -1.41%NR