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29 Jan 2019 | 09:04

UK stocks open 0.8% higher amid Brexit compromise hopes

UK stocks opened stronger on Tuesday amid reports warring factions of Britain's ruling conservative party had met to hammer out a compromise plan that could prevent a disorderly Brexit.

At 0853, the benchmark FTSE 100 index was up 50.66 points, or 0.8%, at 6.797.76.

Domino's Pizza sagged 8.0% on guiding for annual pre-tax profit at the lower end of expectations owing to weaker sales in Norway and Iceland.

Consumer goods group PZ Cussons reversed 9.6% as 'extremely challenging conditions' in Nigeria drove a 20% fall in first-half profit and a full-year guidance downgrade.

Royal Mail slumped 8.3% after it downgraded its letter volume guidance, blaming the impact of new European privacy regulations and 'business uncertainty'.

Rising market volatility hurt wealth manager Hargreaves Lansdown, sending its its assets under administration south in the first half and sparking a 6.7% fall in its shares.

House-builder Crest Nicholson was having a better morning, gaining 3.6% as a fall in annual profit at least met its recently-downgraded guidance.

Healthcare services provider UDG Healthcare rallied 9.5% with an upbeat forecast for annual earnings per share to rise by up to 6% following a 'good' start to the year.

Cosmetics group Warpaint London dropped 9.6% as its forecast for a rise in annual revenue and adjusted profit nevertheless failed to meet investor expectations.

Business software provider Sopheon added 1.5% on guiding for profits significantly ahead of upgraded market expectations after it won new customers.

Marketing group SpaceandPeople dropped 4.4% on warning that it now expected to post a full-year loss amid tough conditions on the high street.

Consumer healthcare company Venture Life gained 6.4% after it guided for annual adjusted earnings 'at least' in line with market expectations, as its revenue jumped.

Story provided by StockMarketWire.com
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