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Market Wrap - Midday

Strong growth at Vodafone fails to lift FTSE

21 July 2017 11:42

Telecomms company Vodafone (VOD) reported good momentum in Europe and robust growth in Italy and Spain. In the quarter to 30 June 2017, organic service revenue grew by 2.2%.

Vodafone rose 1.7% to 227.6p on the strong results, but this did not move the FTSE at 7,484 in midday trading.

Brent crude oil increased 0.5% to $47 per barrel.

Copper rallied 1% to $6,040 per tonne.

OVERSEAS MARKETS

Wall Street was flat overnight as investors reacted to the latest results from tobacco firm Philip Morris and chip maker Qualcomm.

FTSE 250 RISERS AND FALLERS

Paysafe (PAYS) was in the spotlight after the payment company received a takeover offer from funds managed by Blackstone and CVC Capital Partners for 590p per share. The stock surged 7.5% to 580p.

Acacia Mining (ACA) was feeling the effects on an ongoing ban on exporting concentrate as the miner reported $175m of lost revenue in the first half of 2017. The Tanzanian government banned the export of unprocessed ore earlier this year after it accused Acacia of under-reporting the amount of metal in its previous shipments. The market was spooked by the prospect of further sales declines as the stock slumped 7.7% to 259p.

Investors marked emergency services provider Homeserve (HSV) down 1.9% to 719p despite a decent trading update. The company said it traded in line with expectations between 1 April and 20 July 2017.

SMALL CAP RISERS AND FALLERS

Electrical retailer AO World (AO.) defied the difficult retail environment and reported UK revenue growth of 2.5% from 1 April to 30 June 2017. The UK retail sector has been struggling this year as stagnant wage growth and inflation has reduced household incomes and had a knock-on effect on spending trends. Shares in AO World was unmoved at 120p.

Record revenues of £20.8m at Learning Technologies Group (LTG) in the first half of 2017 pushed the stock 7% higher to 48.7p.

Midwich (MIDW) traded well in the first half of 2017 and saw good top line growth across all of its geographies, which was boosted by the continued weakness of the pound. Shares in the firm climbed 13.5% to 378p.

Story provided by StockMarketWire.com

Related Company: VOD

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