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Market Wrap - Midday

FTSE falls on quiet day for corporate news

11 July 2017 16:45

The FTSE 100 remained in the red with a lack of catalysts to boost the index.

Among the fallers was Primark owner Associated British Foods (ABF), which was down 4% to £28.45.

At the close, the FTSE 100 was down 0.5% to 7,329.

In the three months to June, food sales rose 3.6% on a like-for-like basis, which was the strongest three-month average since early 2012 according to the British Retail Consortium.

Brent crude oil nudged 0.5% to $47 per barrel. Gold retreated 0.2% to $1,209 per ounce, while copper increased 0.9% to $5,864 per tonne.


On Wall Street, investor sentiment was also subdued ahead of potential interest rate hike hints from US Federal Reserve chair Janet Yellen. On Wednesday, Yellen will provide testimony to Congress.

The Dow Jones was flat at 21,424.


The UK retail sector remained tough for Marks & Spencer (MKS). Shares in the company dipped 4.7% to 323.1p after like-for-like sales fell.

This had a negative read across for its rival Next (NXT), which ticked 2% lower to £36.17.

Pearson (PSON) said it would sell a 22% stake in Penguin Random House to its partner Bertelsmann for $1bn. The stock declined 5.1% to 655p on the news.

TUI AG (TUI) sold its stake in container shipping company Hapag-Lloyd for €244.4m, although the share price was broadly unmoved at £11.42.


Building materials distributor Grafton (GFTU) was 1.5% higher at 719p after the firm performed better than expected in its first quarter.

In the housebuilding sector, Galliford Try (GFRD) rallied 8% to £12.61 after management said full year profit was anticipated to be at the upper end of analysts' expectations.


Investors were pleased with progress at (GOCO). The company reported better-than-expected margins in the first half of 2017, prompting the shares to rise 7.5% to 111.5p.

Over a third of Israeli tailor Bagir's (BAGR) value was wiped off after it warned that first half revenues and earnings would be below forecasts thanks to slower progress on developing new production lines in Vietnam and Ethiopia.

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