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30 Apr 2019 | 08:57

UK stocks edge lower amid mix corporate earnings results

UK stocks edged lower at the commencement of trading on Tuesday amid a mixed bag of local corporate earnings releases.

By 0850, the benchmark FTSE 100 index had drifted down 4.70 points to 7.435.96.

Oil giant BP gained 0.3% as its first-quarter profit fell on lower oil prices but nevertheless beat market expectations.

Miner and commodities trader Glencore shed 3.0% after it lowered its copper production guidance, blaming flooding in Australia's Queensland state.

Standard Chartered gained 4.3% after the bank booked a 5% rise in first-quarter profit, as a fall in expenses and impairment charges helped offset lower income.

Premier Inn hotel chain owner Whitbread fell 2.6%, despite proceeds from the sale of its Costa coffee chain underpinning a big jump in its annual profit.

The company, however, also said that demand had weakened at its remaining core hotels business, thanks to lingering Brexit uncertainty.

Pub group Greene King fell 6.0% after it forecast only a modest rise in annual profit, despite warmer weather boosting sales over the Easter period.

Adjusted profit was seen rising to between £244m and £247m, compared to the £243m posted on-year, as cost inflation weighed.

Packaging company DS Smith fell 1.8%, despite announcing that it expected its margins to 'progress further' in the second half.

Gift voucher provider Park tumbled 7.3% on warning that its annual profit would be 'marginally below' market expectations.

Recruitment company Staffline said it would miss an end-of-April deadline for reporting its annual results while it reviewed its compliance with minimum wage rules. Its shares were suspended from trading. At 8:57am:

(LON:BP.) BP PLC share price was +2.05p at 554.55p

(LON:GLEN) Glencore PLC share price was -10.15p at 302.4p

(LON:GNK) Greene King PLC share price was -41.1p at 651.5p

(LON:STAN) Standard Chartered PLC share price was +28.4p at 697.8p

(LON:WTB) Whitbread PLC share price was -133p at 4621p

Story provided by StockMarketWire.com
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