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Market Wrap - Market Open

FTSE falls as concerns over North Korea rise

06 September 2017 09:15

Fresh concerns over North Korean tensions took its toll on the FTSE 100, which fell 0.3% to 7,346.

Investors overlooked housebuilder Barratt Developments' (BDEV) higher pre-tax profit and hiked dividend and focused on a dip in net private reservations in the first half of 2017. Net private reservations per average week were 265, down from 267 last year.

The stock fell 4% to 600.5p.

Other blue-chip stocks in the sector suffered a drop with Taylor Wimpey (TW.) and Persimmon (PSN) down by 1.1% and 0.5%.

Elsewhere in the FTSE 250, retirement housebuilder McCarthy & Stone (MCS) fared better thanks to a 4% jump in sales to £660m, up from £636m, in the year to 31 August 2017. Shares in the company gained 1.5% to 162.9p.

Brent crude oil was up 0.2% to $53.47 per barrel. Gold was flat at $1,340 per ounce and copper rose 0.4% to $6,878 per tonne.


Budget airline easyJet (EZJ) kept the good news coming from the airline sector following positive stats from Wizz Air and Ryanair earlier this week. EasyJet reported a 9.4% rise in passengers carried in August and said the load factor increased to 96.3%, up from 94.9%. Despite the strong stats, the stock was flat at £11.52.


Shares in Petrofac (PFC) advanced 4.6% to 431p after winning a contract worth more than $700m from Sakhalin Energy Investment for its onshore processing facility on Sakhalin Island.

Sportswear retailer Sports Direct (SPD) confirmed trading in its new generation flagship stores exceeded expectations as the company aims to become the 'Selfridges' of sport. The stock rose 1.8% to 394.2p.

Acacia Mining (ACA) was on damage control as it tried to offset some of the impact from an export ban by the Tanzanian government on gold/copper concentrate. The miner said under measures to mitigate cash outflows it bought put options covering 210,000 ounces of gold at a strike price of $1,300 per ounce. Shares in Acacia were broadly unmoved at 189.8p.


Restaurant operator Fulham Shore (FUL) warned headline earnings before interest, tax, depreciation and amortisation was likely to be less than current market expectations in the financial year 2018. The Real Greek owner said this was due to a slow down of trade during July and August, as well as higher costs to support operations.

Investors headed for the exits as the stock plummeted 23.2% to 13.2p.

Oil and gas production firm Frontera Resources (FRR) rallied 25% to 0.1p following the mobilisation of a workover rig to Ud-2 well inside the Mtsare Khevi Gas Complex area in Georgia.

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Related Company: BDEV

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