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Market News

13 Aug 2019 | 17:08

UK stocks swing back into profit on US trade move

UK stocks reverse course in late trading on Tuesday as the US delayed introducing 10% tariffs on some holiday-shopping items, sending global markets surging.

At 1645 the benchmark FTSE 100 index was up 31 points or 0.4% at 7,257.

LARGE-CAP GAINERS & LOSERS

Travel company TUI ended flat at 810p, erasing the day's gains after posting a 55% fall in third-quarter profit owing to lower consumer confidence, sapped by Brexit, and the grounding of Boeing's 737 MAX aircraft.

TUI at least stuck to its full-year earnings guidance, dousing fears of yet another downgrade, and said it had agreed to sell two German specialist businesses -- Berge & Meer and Boomerang -- for an enterprise value of €96m to €106m, including a €10m earn-out.

NMC Health recovered from heavy intraday losses to close down 1% at £18.91, stemming its losses over the last week.

MID- & SMALL-CAP MOVERS

Online broking house Plus500 rallied 20% to 687p, even as it booked a 56% fall in first-half profit.

The company launched a $50m share buyback and said its performance had improved during the second quarter as choppier market conditions increased trading opportunities.

Sensor system provider Transense Technologies closed up 16% at 70.5p on news that it had sealed a plum supply agreement with tire company Bridgestone.

Auto dealer Marshall Motor Holdings advanced 1.1% to 140p after raising its dividend by a third, despite reporting a 9% fall in first-half profit.

Greeting cards retailer Card Factory reversed early gains, dropping 3.5% to 156p, despite posting positive like-for-like sales growth in the first half of the year.

Luxury watch retailer Watches of Switzerland eventually finished up 0.4% at 285p after swinging between positive and minus territory all day, despite growing revenue by 18% in its first quarter.

Water and climate-management product manufacturer Polypipe shed 1.8% to 396p as it posted a reasonably modest 4.3% rise in first-half profit.

Aviation services group John Menzies descended 3.3% to 401p after it revealed a first-half loss, citing a loss of business in the second half, weak cargo volumes and the grounding of Boeing's 737 Max aircraft.

Newspaper and magazine distributor Connect shed 1.6% to 37p on warning that its overall trading performance was 'slightly below' market expectations. Story provided by StockMarketWire.com
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