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Market Wrap - Market Open

FTSE edges higher after Fed keeps rates steady

21 September 2017 08:43

The FTSE 100 edged up 2.09 points, or 0.03%, to 7,274.04 on Thursday morning after the US Federal Reserve said that while interest rates would remain unchanged, the central bank intends to start the process of tightening.

In company news, Mitchells & Butlers (MAB) announced that poor weather had resulted in like-for-like sales growth of just 0.3% in the eight weeks to 16 September, with drink sales down 1.2%. The shares edged down 0.1% to 246.95p.

Anglo Asian Mining (AAZ) slumped 9.16% to 29.75p after posting a pre-tax loss of $1.3m in the first six months of the year, against a profit of $3.5m the year before, due to lower production.

Elektron Technology's (EKT) revenue rose to £15.3m in the six months to the end of July - up from £14.9m last time. The shares gained 1.72% to 14.75p.

Driver Group (DRV) surged 13.73% to 58p after revealing it expects underlying pre-tax profits for the year to the end of September to be ahead of previous forecasts. The board said the group had continued to benefit from careful management of overheads and improved utilisation rates during the second half of the financial year.

Safestyle (SFE), a retailer and manufacturer of PVCu windows and doors, saw its pre-tax profit fall by 7.4% to £8.8 million in the first half with revenue growth of just 1.4% to £82.5 million. Nevertheless, the shares added 1.69% to 188.63p. Story provided by StockMarketWire.com

Related Company: MAB

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