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Market Wrap - Midday

FTSE falls on weaker financial stocks

21 August 2017 09:08

It was a bad start to the week for the FTSE 100 as weaker financial stocks dragged on the index's performance.

Provident Financial (PFG) was the biggest blue-chip faller, down 1.6% to £18.22, while Royal Bank of Scotland (RBS) retreated 0.3% to 254p.

High street bank Barclays (BARC) followed the sector lower, falling 0.6% to 193.3p.

The blue-chip index traded 0.1% down at 7,312 an hour after the market opened.

Brent crude oil dipped 0.4% to $52.50 per barrel. Gold was flat at $1,284 per ounce and copper climbed 0.8% to $6,525 per tonne.

Warehouse REIT announced its intention to float on AIM after raising up to £150m. The company said it will invest in a diversified portfolio of UK warehouse assets located in urban areas and is targeting a dividend yield of 5.5p in the year to 31 March 2019.

FTSE 250 RISERS AND FALLERS

Energy services business Wood Group (WG.) won a five-year, multimillion dollar contract from Phillips 66. Wood Group said it would provide supplemental maintenance services and support for capital construction projects and turnarounds to the Sweeny Refinery, but this failed to spark the share price at 573.5p.

Rathbone Brothers (RAT) was up 0.4% to £27.88 following confirmation that it is currently in exclusive discussions with Smith & Williamson Group about a possible merger.

SMALL CAP RISERS AND FALLERS

Spectra Systems (SPSY) was one of the winners among the small caps, soaring 20% higher to 92.2p. The company reported strong trading and expects to significantly exceed market expectations in the year to 31 December 2017.

Creo Medical (CREO) rose 0.8% to 85.1p thanks to 510k clearance from the US Food and Drug Administration for its Speedboat RS2 device and the CROMA platform.

Gfinity (GFIN) was appointed as an e-sports partner for Formula 1 to deliver the Formula 1 E-Sports series in September, helping the stock gain 5.2% to 22.1p.

Story provided by StockMarketWire.com

Related Company: WG.

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