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Market Wrap - Midday

FTSE recovering ground as calm returns

30 August 2017 11:24

The FTSE 100 is 36.23 points higher this lunchtime at 7,373.66, taking its cue from strength in US and Asian markets overnight as concerns over North Korea died down.

Troubled tool hire outfit HSS Hire (HSS) slumped 14.4% to 47.5p, paring earlier heavier losses, as it warns a recovery in sales will be 'materially slower' than expected and reports an increase in its first half pre-tax loss from £7.8m to £30.1m.

OVERSEAS MARKETS

The S&P 500 closed up a couple of points overnight while the Hang Seng index in in Hong Kong was up 1.2% as the markets recovered after the latest bout of North Korea inspired volatility

FTSE 250 RISERS AND FALLERS

Soft furnishings business Dunelm (DNLM) announced the departure of chief executive John Browett with immediate effect. Somewhat confusingly the company said Browett is stepping down for personal reasons but went on to say 'the next phase of growth' for the company 'requires different leadership'. The shares were down 3.7% at 576.1p.

Technical products business Diploma (DPLM) advanced 6% to £10.90 as it reported continued positive trading in the second half of the year and confirmed it remains on track to hit full year expectations. Group revenue is expected to be up 17% although underlying organic growth is expected to be a more modest 6% as the company is benefitting from acquisitions and currency movements.

Newsagent WH Smith (SMWH) said results for the year to the end of August are on target and flagged opportunities in its travel division which delivered a strong performance and opened its first outlets in Italy. The shares were ahead 0.4% to £18.56.

SMALL CAP RISERS AND FALLERS

Indian power generation business OPG Power Ventures (OPG) slumped 26.6% to 31p as it warned higher coal prices are likely to hit results in its current financial year running to the end of March 2018.

Uranium miner Berkeley Energia (BKY) gained 8.3% to 51.25p as it announced a $120m financing package with a sovereign wealth fund in Oman which can help bring its Salamanca project in Spain into production.

Story provided by StockMarketWire.com

Related Company: HSS

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