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Market Wrap - Market Open

FTSE slips on weak China data

08 August 2017 08:57

The FTSE 100 eased 0.06% to 7,527.06 on Tuesday morning after weak export and import data in China depressed mining stocks.

Bellway (BWY) advanced 0.53% to 3,217p after saying it expects housing revenue for the year ended 31 July to have increased by more than 13% to £2.5bn. The group said it saw further volume growth with a 10.6% increase in the number of housing completions to 9,644 and the operating margin was expected to rise to slightly in excess of 22%.

Gambling company Paddy Power Betfair (PPB) fell 3.97% to 7,250p despite growing its underlying operating profit by 22% to £180 million in the first half, with revenue up 9% to £827 million. The company said the revenue increase was driven by good stakes growth and foreign exchange, partially offset by increased investment in pricing and promotions.

Hargreaves Services' (HSP) continuing underlying operating profits rose to £9.8m in the year ended 31 May - up from £4.6m last time. The stock gained 8.1% to 378.38p.

Building services group TClarke's (CTO) forward order book rose to £392 million in the six months to the end of June - up from £320m a year ago. But concerns about the uncertain economic and political climate drove the share price down 8.89% to 82p.

Blenheim Natural Resources' (BNR) slumped 8.49% to 0.49p after revealing the option to subscribe for 7.5% of the share capital of TAM Mining Limited, announced on 8 August 2016, has lapsed.

UK construction and regeneration group Morgan Sindall (MGNS) increased its adjusted profit before tax by 47% to £23.7 million in the first half, on the back of a 14% rise in revenue to £1.3 million. Its share price increase 2.73% to 1,469p.

But InterContinental Hotels Group's (IHG) underlying revenue rise of 4% to $788m in the six months to the end of June failed to impress, with the shares down 4.11% to 4,229.5p. Story provided by StockMarketWire.com

Related Company: PPB

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