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Market News

26 Mar 2019 | 09:00

UK stocks edge higher as May loses control of Brexit agenda

UK stocks opened modestly higher on Tuesday as US bond yields edged up and investors braced for a series of indicative votes in the UK parliament that could sway the course of Brexit.

At 0852, the FTSE 100 was up 5.06 points at 7.182.64.

Online grocery company Ocado gained 4.5% after it revealed a new partnership deal for its delivery technology platform, this time with Australian grocery chain Coles.

Water infrastructure group United Utilities gained 0.7% on announcing that it expected to report a rise in annual revenue and underlying profit.

Premium carbonated drinks supplier Fevertree fell 0.6%, despite reporting a 36% rise in annual profit, as its margins were pressured by investment in its US expansion.

Drinks maker A.G. Barr fell 1.6% after rising costs contributed to a small fall in its annual profit.

Plumbing group Ferguson plunged 9.4% on warning that it expected profits toward the lower end of market expectations, as growth moderated in the second half.

House builder Crest Nicholson jumped 6.0% after it revealed that it had poached Galliford Try head Peter Truscott as its new chief executive. Galiford Try shares fell 3.0%.

Michelmersh Brick Holdings gained 3.2% as it almost doubled its annual profit amid a strong housing construction market.

Mens' suit retailer Moss Bros dropped 5.8% as it sunk into the red and scrapped its final dividend, blaming weak demand, rising costs, asset writedowns and intense competition. Story provided by
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