skip to content

Market Wrap - Close

Sky fall after Fox bid goes to competition authorities

12 September 2017 16:27

Culture secretary Karen Bradley said this afternoon she was 'minded to' refer 21st Century Fox's bid for Sky (SKY) to the competition regulator. Shares in the pay-TV broadcaster fell 1.7% to 936p.

The FTSE 100 traded slightly lower by the close at around the 7,400 mark.

Housebuilders were under pressure after Bank of America Merrill Lynch turned negative on the sector. Persimmon (PSN) fell 2.5% to £25.01 and Redrow (RDW) fell 8.3% to 580p as the downbeat research was accompanied by founder and chairman Steve Morgan selling £153m worth of shares.

JD Sports Fashion (JD.) was the biggest FTSE 350 riser thanks to another set of record results.

Sales rose 41% to £1,367.2m in the 26 weeks to 29 July as the group benefitted from encouraging like-for-like sales growth in stores and online. Shares in the sportswear retailer accelerated 8.6% to 372p.

As the gold price dropped 0.3% to $1,326 per ounce, Fresnillo (FRES) and Randgold Resources (RRS) declined 1.9% and 1.6% to £15.76 and £78.72. FTSE 100 RISERS AND FALLERS

Equipment rental firm Ashtead (AHT) was a blue-chip winner following strong first quarter growth. Rental revenue increased 25% to £828.8m and underlying pre-tax profit jumped 30% to £238m, helping the shares gain 4.7% to £17.63.

Costa coffee and Premier Inn operator Whitbread (WHB) slipped 0.6% to £37.55 after Goldman Sachs cuts its recommendation from 'buy' to 'sell'.

FTSE 250 RISERS AND FALLERS

Energy services company John Wood Group (WG.) said it could proceed with its acquisition of Amec Foster Wheeler (AMFW). This is expected to complete in October 2017 following merger clearance in Mexico. Despite the news, both stocks remained unmoved.

Breakdown cover provider AA (AA.) confirmed it had held talks with insurer Hastings (HSTG) concerning a potential combination of their respective insurance arms. Hastings said it was no longer in talks with AA. Shares in AA were up 3.7% at 168.8p. SMALL CAP RISERS AND FALLERS

Iofina (IOF) rallied 12.3% to 11.2p on news that it expects to begin construction immediately of its IO#7 plant. Iofina reported that IO#7 is expected to contribute more than a 40% increase in annual iodine production for the company.

Restaurant chain Tasty (TAST) was unappealing to investors after the company reported a weak trading environment continued to put pressure on sales and margins. The stock slumped 13% to 36.5p.

Elsewhere on AIM, audio visual distributor Midwich (MIDW) revealed adjusted pre-tax profit rose 35.6% to £10.3m year-on-year, which pushed the shares 9.1% higher to 430p.

Story provided by StockMarketWire.com

Related Company: PSN

Info Point:

To buy or sell shares call our Dealing Room on 0113 243 6941.

Too much jargon? Our glossary will help make sense of things.

Find out more about our Share Dealing Services.

Client Area Access

» Secure Login

» Not registered yet?

aew-banner-180x255.jpg

Branch Finder

Redmayne-Bentley have High Street branches throughout the UK. Find your nearest branch.