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Market News

20 Nov 2018 | 12:03

FTSE recovers some ground despite long list of global concerns

A combination of factors including tech sector weakness, Brexit, global trade disputes and the impasse over the Italian budget contributed to a lukewarm showing for the FTSE 100 by midday.

Although the index had shaken off some of its earlier losses to trade back above 7,000.

LARGE AND MID CAP RISERS AND FALLERS

Low-cost airline EasyJet fell 3.8% to £11.30, despite its annual profit hitting the top end of its guidance range, as the company reiterated revenue per seat would fall in the first half of the current year.

Shares in global healthcare company BTG rallied 34% to 825.5p after Boston Scientific agreed a recommended cash offer of 840p per share, valuing the business at £3.3bn.

Catering company Compass gained 3.7% to £16.46 after the market looked past a modest fall in profit and warmed to a strong performance at its North American division.

Shares in AO World slumped 7.9% to 114.4p as investors reacted to a reported first half loss with revenue growth of 9.9% and just 5.7% in the UK where AO says its core major domestic appliance market is 'tougher than expected'.

Mining group Anglo American fell 1.2% to £17.03 after diamond sales at its De Beers unit fell.

Broking house Plus500 rallied 10.6% to £14.22 on fresh guidance that its results for 2018 would beat market expectations.

Instrumentation and controls company Spectris surged 9.8% to £23.08 as sales rose 9% in the four months through October. The company also announced it would review its assets to narrow its focus on more profitable businesses.

Caution on Brexit and a new round of PPI provisions put banking group CYBG on the back foot as it traded 10.9% lower at 221.4p

Plastic piping and ventilation system manufacturer Polypipe Group said its revenue had increased 10.2% in the fourth months through October on a like-for-like basis. Its shares fell 1.5% to 364.6p.

Specialist building products supplier SIG shed 1.2% to 106.9p despite forecating a 'significant' profit improvement in the second half, as margin improvement offset falling revenue.

SMALL CAP RISERS AND FALLERS

Aviation services group John Menzies gained 2.9% to 515.5p after it announced it was continuing to trade ahead of last year and was on track to meets its full-year expectations, though revenue growth had slowed.

Story provided by StockMarketWire.com
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