Share Prices & Company Research

Market News

07 Nov 2018 | 16:59

Global equities rally on US midterms outcome

A weaker dollar following a largely surprise-free US midterm election and gains among miners and utilities boosted the FTSE 100, which advanced 1% to 7,114.

There was a sea of green across the US and Europe with Germany's DAX adding 0.8% to 11,579 and the tech-heavy Nasdaq index leading the way on Wall Street with a 1.9% jump to 7,514 around 4:45pm UK time.

Brent crude oil was stable at $72.22 per barrel.

LARGE AND MID CAP RISERS AND FALLERS

Marks and Spencer dipped 0.5% to 300.9p after an initial decline as investors looked past an unexpected rise in first-half profit and focused on falling sales at both its clothing and food divisions.

Home builder Persimmon was broadly unmoved at £23.69 after it announced that chief executive Jeff Fairburn would stand down due to controversy surrounding the size of his pay packet.

Persimmon also provided a third-quarter trading update, that showed private sales had risen 3% while prices remained 'firm.'

Fellow house builder Redrow said its sales rate in the year-to-date had fallen due to Brexit uncertainty hurting the London property market. Its order book grew 11% but its shares fell 2.8% to 549p as it announced the retirement of executive chairman and founder Steve Morgan next year.

Television broadcaster ITV slumped 2.7% to 150p on the back of a warning that advertising revenues would be flat for the full-year.

Pub chain JD Wetherspoon dropped 13.2% to £11.38 as it warned its full-year performance would be below that of last year amid rising input costs.

Cyber-security company Sophos tumbled 27.9% to 329.2p despite swinging to a first-half profit, as its underlying earnings were hurt by lower margins and disappointing sales.

Security company G4S slumped 17.7% to 178.1p as it warned full-year profits would be flat after third-quarter revenue fell.

Dairy Crest was flat at 450p as strong sales of its cheese and spreads brands underpinned a 13% rise in first-half adjusted profit.

Wizz Air gained 8.3% to £28.90 despite cutting its annual earnings guidance amid costs associated with industrial action by European air-traffic controllers and a higher fuel bill.

SMALL CAP RISERS AND FALLERS

A profit warning from betting technology business Sportech triggered a 14.4% slump to 46.2p. The warning was blamed on the company potentially not being able to secure certain sales contracts.

Luxury handbag maker Mulberry ticked up 4.5% to 325p despite soft retail conditions and the collapse of the House of Fraser department store chain sending it to a deeper first-half loss.

Story provided by StockMarketWire.com
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