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Geopolitical concerns and strong pound stall FTSE 100

26 September 2017 16:50

Geopolitical concerns kept the FTSE in the red as investors were worried that tensions between the US and North Korea could escalate.

A stronger pound against the euro also weakened the blue-chip index, which derives approximately 70% of its earnings overseas.

The FTSE closed 0.2% down at 7,285.

Brent crude oil dropped over 1% to $58.34 per barrel. Gold fell 0.6% to $1,298 per ounce and copper cheapened 0.8% to $2.89 per pound.

OVERSEAS MARKETS

On Wall Street, tech firms bounced back from concerns that share prices in the sector were flying too high. The Nasdaq was up 0.2% at 6,386 this afternoon.

MID AND LARGE CAP RISERS AND FALLERS

News that publishing house Informa (INF) will acquire Dove Medical Press failed to move the share price at 664p.

Greetings cards seller Card Factory (CARD) dropped 18.3% to 290p after revealing a 13.9% fall in first-half operating profit to £24.6m due to currency movements, the national living wage and investments.

Investors were also disappointed in insurer AA's (AA.) latest half year results, down 6.4% to 157p. Earnings before interest, tax, depreciation and amortisation (EBITDA) margin nudged lower to 41% and brokers downgraded expectations.

Shares in Thomas Cook (TCG) drifted 1.2% lower to 119.4p after it left full year underlying earnings before interest and tax outlook unchanged. Winter booked sales rose 6%, driven by growing demand from travellers for Turkey and North Africa.

Irn-Bru manufacturer AG Barr (BAG) hiked its interim dividend by 5% to 3.7p and reported an 8.8% sales increase to £136.6m in the six months to 31 July. Despite the decent results, the stock was flat at 614p.

Investors expected more from merchant bank Close Brother (CBG), which fell 6.8% to £14.16 despite adjusted operating profit rising 13% to £264.8m in the year to 31 July.

SMALL CAP RISERS AND FALLERS

Magazine publisher Time Out (TMO) booked an interim operating loss of £15.6m thanks to further investment in its digital offering. The market overlooked a 13% jump in sales to £18.7m as shares in Time Out advanced 0.7% to 142p.

News that MobilityOne's (MBO) international remittance services in Malaysia and operations in the Philippines are not expected to make a significant contribution in the second half of 2017 hit the share price hard. It was the biggest small cap faller, down 20.7% to 3.9p.

Successful flow tests and first production gas at Logbaba well La-10 bode well for Victoria Oil & Gas (VOG). The gas utility firm surged 10.2% to 70p on the news. Story provided by StockMarketWire.com

Related Company: INF

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