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Market Wrap - Market Open

Dixons Carphone shares plummet on profit warning

24 August 2017 09:00

Profit warnings continued to emerge this week as Dixons Carphone (DC.) was the latest to downgrade profit expectations, causing investors to wipe off nearly a third of its market value, leaving the stock at 161.4p.

The electrical retailer said full-year pre-tax profits were likely to be down on last year due to more expensive mobile phones and lower EU roaming charges.

Strength in cigarette giants British American Tobacco (BATS) and Imperial Brands (IMB) helped the FTSE 100 trade 0.2% higher at 7,397.

British American Tobacco jumped 1.5% to £48 and Imperial Brands advanced 0.5% to £32.15.

Elsewhere in the FTSE 250, online gaming software supplier Playtech (PTEC) reported average daily sales in the gaming division fell 9%, which it blamed on 'an unusually strong second quarter.' The market was unforgiving as shares in Playtech declined 4.4% to 949.9p.

Brent crude oil slid 0.1% to $52.50 per barrel. Copper climbed 0.9% to $6,636 per tonne and gold nudged 0.2% lower to $1,286 per ounce. FTSE 100 RISERS AND FALLERS

In corporate news, CRH (CRH) agreed a $2.6bn divestment of Americas Distribution and €0.6bn acquisition of Fels in Europe, prompting the share price to rise 3% to £27.70.

FTSE 250 RISERS AND FALLERS

Energy services group Hunting (HTG) gained 3.2% to 431p after reporting strong growth in Hunting Perforating Systems, driven by onshore shale drilling activity in the US.

SMALL CAP RISERS AND FALLERS

Accommodation provider Snoozebox (ZZZ) was the top performing small cap thanks to a new contract. The company announced a semi-permanent contract to provide 80 V1 rooms configured as workforce accommodation in a remote area of the UK for a year, causing the shares to surge 34.5% to 0.3p.

Oilex (OEX) confirmed that the EP-IV tight siltstones at its Cambay field in India can be effectively stimulated, and that commercial gas flow rates are 'potentially achievable' sparking a 8.7% rally to 0.2p.

Story provided by StockMarketWire.com

Related Company: DC.

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