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Market Wrap - Midday

Banking stocks put FTSE in the red

10 June 2016 12:01

Banking and financial stocks dominate the FTSE 100 fallers list as investors grow increasingly nervous about the EU referendum vote on 24 June and potential hit to the UK economy.

Barclays, Standard Chartered, Royal Bank of Scotland, HSBC and Prudential are among the blue chip stocks experiencing a bad end to the week.

The FTSE 100 fell 1.6% to 6,133.48.

West Texas Intermediate (WTI) crude oil retreated 1.2% to $49.97 and Brent crude oil slipped 1% to $51.43 per barrel, respectively.

Gold cheapened to $1,269 per ounce and copper was static at $4,497.5 per tonne.


Shares in recruitment stocks took a tumble after SThree (STHR) issued a downbeat trading update, flagging a slowdown in both the UK and US. Its shares fell 9.7% to 318p. PageGroup (PAGE) dropped 7% and Hays retreated by 6% in sympathy.

Supermarket giant Tesco (TSCO) agreed to sell its 95% stake in Turkish grocery business Kipa and dispose of its loss-making Giraffe restaurant for an undisclosed sum. The shares fell 2.4% to 154.2p.

UK construction output increased by 2.5% in April, ahead of forecasts according to the ONS.


Loo roll maker Accrol (ACRL) rose 10% to 110.5p after it floated on AIM with a market cap of £93m.

Women's retailer Bonmarche (BON) reported pre-tax profit fell by nearly a third, although revenue and sales were up in the year to 26 March. Shares advanced 0.08% to 127.6p.

MS International (MSI) announced pre-tax profit was higher as the defence sector continued to recover with more revenue in the year to 30 April, boosting shares 0.3% to 183p.

Prospex Oil and Gas (PXOG) suffered a higher operating loss and is seeking additional investment opportunities, but this failed to impress the market as shares fell 4.2% to 1.1p.

SaaS technology company Eagle Eye Solutions (EYE) said revenue for the year to 30 June was lower than expectations as a result of contracts taking longer to go live and the knock-on effect on the ability to drive campaigns, generating lower business revenue. Shares slumped 11.2% to 161.9p.

Geoscience services business Getech (GTC) delivered a pre-tax loss in the first half of the financial year and said some potential sales have been deferred or cancelled due to a depressed market. The bad news sent shares 2.9% down to 25.9p.

Bond International Software (BDI) stopped takeover talks with Constellation Software after it said the share offer undervalued the business.

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