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Market Wrap - Close

Markets in retreat heading into summer break

21 July 2017 16:37

The FTSE 100 headed south in sympathy with most other major indicies in Europe and the US closing down 0.4% at 7,458.04. Bucking this negative trend Vodafone rose 0.5% to 226.1p on strong results, although this was down on earlier more significant gains.

OVERSEAS MARKETS

Wall Street opened lower as investors reacted to weak numbers from industrial conglomerate General Electric. In early trading the S&P 500 was down 0.2%.

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.

Acacia Mining (ACA) was feeling the effects of 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 18.2% to 229.7p.

Investors marked emergency services provider Homeserve (HSV) down 4.5% to 700p 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 nudged 0.6% higher to 119.75p.

Record revenues of £20.8m at Learning Technologies Group (LTG) in the first half of 2017 pushed the stock 5.2% higher to 47.75p.

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 20.25% to 392p.

Story provided by StockMarketWire.com

Related Company: PAYS

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