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Market Wrap - Market Open

FTSE slips on Reckitt update, ex-div Burberry, Next

06 July 2017 08:51

Shares in London are marginally lower in early deals thanks to the drag of multiple ex-dividend stocks, with sterling marginally down on the US dollar.

A short while after the open, the FTSE 100 was down 9.63 points, or 0.13%, to 7357.97, while the FTSE 250 dropped 39.82, or 0.2%, to 19,441.4.

Gold and silver prices were ahead, but copper was lower. Crude oil was making solid gains.

Ex-dividend Next (NXT), down 2.71% to 3799p, and Burberry (BRBY), down 1.92% to 1608.5p, were prominent. Meanwhile, several supermarkets fell after Sainsbury (SBRY), down 0.83% to 249.8p.

Reckitt Benckiser (RB.), down 2.16% to 7534p, is assessing the impact of a Q2 cyber attack and new Goods & Services Tax in India, noting it expects to recover some lost revenue during Q3.

Several general miners were sprinkled throughout the fallers list, with Antofagasta (ANTO) prominent as it lost 1.7% to 811.5p.

easyJet (EZJ), down 0.55% to 1350.5p, carried 7.72m passengers in June, up 11.3% up on a year ago. Load factor was 94.8%, up from 94.1% last time.

To the upside, Associated British Foods (ABF), up 4.55% to 3055p, said its Q3 was ahead of its forecast as a result of a stronger profit delivery from Primark which had marginally improved the group outlook for the FY.

Sectors gaining included utilities after United Utilities (UU.), up 0.96% to 866.25p and banks after Royal Bank of Scotland (RBS), up 1.02% to 258.3p. Several house builders fell, too.

Other stocks going ex-dividend today included Aveva, BP, N Brown, Speedy Hire, Talk Talk and Workspace.


Blancco Technology (BLTG) fell 14.29% to 129p as it reported that the positive Revenue momentum reported at the interim results has continued through the second half of the year.

Novae Group (NVA) rose 21.07% to 704p as the offer for the company by Axis Capital Holdings was recommended. The 700p-a-share cash offer value Novae's share capital at about £467.6m.

Entu (UK) said its board is carrying out a strategic review to ensure the action plan announced on 14 June was delivered efficiently and in a suitable timescale. ENTU's shares fell 11.48% to 13.5p.


Microgen (MCGN), up 9.16% to 345.5p, said it has made excellent progress in the first half of 2017 resulting in a financial performance ahead of directors' original expectations for the period whilst maintaining margins consistent with the prior year.

MySQUAR (MYSQ), up 4.15% to 5.03p, announces the release of a news aggregator called Mingalarbar Morning, which is designed to be used with both desktop and mobile devices.

Swallowfield (SWL), up 2.65% to 387.5p, confirms that the business has continued to trade strongly, with overall FY revenues expected to show growth of 36% to about £74.1m, from £54.5m previously.

Berkeley Energia (BKY), down 1.6% to 46p, said capital costs for the Salamanca uranium project were expected to be 1% lower than previous estimates.

Bovis Homes (BVS), up 1.37% to 982.75p, said H1 trading was in-line with its expectations. It expected to deliver completion volumes for the FY about 10% to 15% below the 2016 level.

Great Portland Estates (GPOR), up 1.18% to 599.5p, has reported another quarter of strong operational activity in the three months to the end of June.

Churchill China (CHH), up 1.06% to 955p, said it continued to make good progress in the first half and achieved strong growth in export markets.

NewRiver REIT (NRR), up 0.79% to 352.85p, confirms that Oxford City Council has approved its plans for a major £56m mixed-use development.

Other stocks in the news included Surface Transforms (SCE), Walker Greenbank (WGB), Ferrexpo (FXPO), Chaarat Gold Holdings (CGH), Genel Energy (GENL), Commercial International Bank (CBKD) and McKay Securities (MCKS).

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