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Market Wrap - Midday

Surge in 'Leave' support for EU vote hits main markets

14 June 2016 12:05

A surge in bookmakers' odds in favour of a 'Leave' outcome from the EU referendum vote on 23 June simultaneously hit the main markets, pound and commodity prices.

The FTSE 100 slumped 1.2% to 5,968.84.

Housebuilders, miners and banks were among the biggest fallers on the FTSE 100 as Berkeley (BKG), Barclays (BARC) and Anglo American (AAL) suffered losses of up to 4%.

West Texas Intermediate (WTI) crude oil fell 1.4% to $48.19 and Brent crude oil declined 1.4% to $49.65 per barrel, respectively.

Gold retreated 0.3% to $1,280.6 per ounce, while copper cheapened 0.4% to $4,519.5 per tonne.


Raspberry Pi maker Premier Farnell (PFL) agreed to a takeover offer from Switzerland's Datwyler at a 51% premium to yesterday's closing price, sending the shares up to 164p. It also and reported increased revenue for the three months to 11 May, despite difficult trading condition in North America and the UK.

Bus and train operator Go-Ahead (GOG) said it no longer expects margins to recover from profit shortfalls in the short-term and blamed a challenging performance, causing the firm to cut margin guidance nearly in half. The shares fell 16.6% to 2,028p.

UK inflation remained steady at 0.3% in May, which was below the 0.4% expected by the market, said the Office for National Statistics.


Equipment rental firm Ashtead (AHT) delivered a strong set of trading results with revenue and operating profit up, causing shares to rise 2.2% to 976.5p.


Shares in AVEVA (AVV) were suspended at 1,854.5p after confirming revived talks for a possible merger with Schneider Electric's software business.

Luxury fashion retailer Ted Baker (TED) reported higher revenue, which was driven by more retail sales in the 19 weeks to 11 June, causing shares to rise 3.8% to 2,413.8p.

Residential developer Crest Nicolson (CRST) increased its operating profit, but gross margins were down in the six months to 30 April. Its shares were caught up in the Brexit-related housebuilder sell-off, down 6.5% to 523.5p.

UK transport business FirstGroup (FGP) reported increased full-year pre-tax profit, despite the First Capital Connect and First ScotRail franchises ending, pushing shares 4.9% higher to 108.2p.

Home shopping and education supplies business Findel (FDL) fell 7.4% to 143.4p after saying the past year was more challenging than it had expected. It reported a 10% drop in pre-tax profit to £24.8m.

Environmental technology group Halma (HLMA) delivered higher revenue and profit, but net debt more than doubled, which the firm mainly blamed on acquisitions over the last financial year. Shares retreated 0.6% to 928.5p.

Multi-utility supplier Telecom Plus's (TEP) annual profit decreased, which it blamed on challenging market conditions, pushing shares down 7% to 947p.


Time Out (TMO) fell 9.3% on its stock market debut to 136p.

Bathroom accessories provider Norcros (NXR) said operating profit rose by a quarter as a result of Johnson Tiles UK's performance, progress in the South African businesses and a first-time contribution from Croydex. Shares climbed 0.7% to 174.3p.

Payment products supplier Eckoh (ECK) delivered double-digit full-year revenue and margin growth for the third consecutive year after returning to profit, although shares fell 3.2% to 50.7p.

UK home shopping business Findel (FDL) suffered a pre-tax loss of £1.7m as a result of underperformance form the two core businesses, dragging shares 7.4% lower to 143.4p.

Caribbean-focused Elegancy Hotels (EHG) fell 12.2% to 86p after issuing a profit warning due to falling prices in the region and tourists being put off by the presence of the Zika virus in Barbados.

Visitor attraction designer Paragon Entertainment (PEL) swung into profit after revenue increased, nudging shares 6.5% higher to 1.5p.

Recruitment industry software supplier Dillistone (DSG) said the economic environment softened over recent weeks, leaving investors worried as shares slumped 7% to 80p.

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