Share Prices & Company Research

Market News

26 Feb 2019 | 17:00

Stronger sterling stalls FTSE amid Brexit developments

The FTSE 100 continued to be held back by a stronger pound after UK Prime Minister Theresa May promised MPs a vote on delaying Brexit or ruling out a no-deal Brexit if her deal is rejected in March.

The blue-chip index closed 0.4% lower at 7,151.

In the US, investor sentiment was subdued following weaker than expected results from Home Depot and a negative UBS note on Caterpillar based on concerns about slower demand for global construction.

Around 5pm UK time the S&P 500 added 2.7 points to 2,798.

Brent crude oil was up 0.9% at $65.35 per barrel.

LARGE AND MID CAP RISERS AND FALLERS

Ocado confirmed it is in discussions with Marks & Spencer concerning a joint venture, causing the shares to rally 11.7% to 990p. Shares in Marks & Spencer rose 3.2% to 303.2p.

Standard Chartered shed 0.6% to 615p despite posting a 5.5% rise in annual profit that was driven by higher margins and lower charges for bad loans. The bank also said it would target higher payouts to shareholders as part of a refreshed strategy that would involve slashing costs and selling off smaller assets.

House builder Persimmon gained 1.9% to £23.96 on posting a 13% rise in annual profit, as it completing more properties and sold them for a higher average price.

Builders merchant Travis Perkins jumped 12.5% to £14.29, despite swinging to an annual loss owing to a write-down in the value of its Wickes DIY chain. With the write-down and other one-off charges stripped out, adjusted profits edged higher amid a 4.8% boost in sales.

Mining company Fresnillo dropped 8.3% to 894.6p on reporting a a sharp decline in annual profits owing to lower prices and higher costs. The company also warned of another 'challenging year.'

Chemical company Croda International fell 3.5% to £48.81, despite it offering a special dividend, as profit growth was muted by a stronger pound.

Babcock International fell 4.6% to 555p after revealing that it would incur a one-off £10m tax charge due to Brexit.

Engineering group Meggitt slipped 1.7% to 550p on posting a drop in annual profit, pinned on a fall in the market value of certain investments. Underlying earnings, however, rose as the company beat its organic sales targets.

Marine services company James Fisher and Sons gained 4.5% to £18.92 as its marine support services segment helped buoy profits.

SMALL CAP RISERS AND FALLERS

Allied Minds revealed portfolio company HawkEye 360 successful commissioned the three Pathfinder satellites launched in December, helping the shares jump 8.6% to 56.6p.

Surveillance technology company Synectics rose 1.2% to 199.9p after posting a 16% fall in annual profit owing to weakness in the UK bus market. Demand from the gambling sector was a bright spot and helped soften the blow.

Online gambling marketing play XLMedia plunged 33.3% to 52p as a change in strategy to shift away from buying online ads for clients would result in a one-off hit in 2018 and lower revenue and earnings in 2019.

Story provided by StockMarketWire.com
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.