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Market Wrap - Market Open

FTSE 100 recoups losses

25 July 2017 08:58

The FTSE 100 rebounded into positive territory on Tuesday morning, gaining 0.62% to 7,423 after suffering heavy losses yesterday.

Domino's Pizza (DOM) fell 6% to 262.4p after saying UK consumers are more cautious about the economic outlook. The company's system sales rose by 10.5% to £546.5m in the 26 weeks to 25 June with underlying pre-tax profits up 9.1% at £44.6m.

Virgin Money (VM.) fell 7% to 284.5p despite reporting that its underlying pre-tax profit rose 26% to £128.6 million in the first half, driven by strong performance in its mortgage and credit card businesses.

SEGRO (SGRO), the property investment and development company, increased its adjusted pre-tax profit by 23% to £91.2 million in the first half, partly driven by its acquisition of the Airport Property Partnership (APP) portfolio.

The company said it also achieved high customer retention rates, a low vacancy rate of 5.5% and strong like-for-like rental growth of 3.9%. The stock rose 3.5% to 522.5p.

Tyman (TYMN) edged up 1.3% to 355.8p after it reported a 4% increase in underlying like-for-like pre-tax profit to £31.4 million in the first half.

Provident Financial's (PFG) slump in profits, driven by trading disruption, caused its shares to fall 3% to 2,221p.

Fever-Tree Drinks (FEVR) surged 9.9% to 1,918p after it said full year results will be materially ahead of its expectations and hiked its dividend by 95%.

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