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27 Jun 2019 | 16:37

FTSE 100 fails to take cue from positive US open

The FTSE 100 was down 0.2% to 7,402.33 by the close despite trading on Wall Street starting in positive fashion. By 4.30pm UK time the S&P 500 was up 0.2%.

Property listings site Rightmove fell 3.5% on a downgrade from analysts at investment bank UBS and commodities giant Glencore fell 5.5% on reports of a mine collapse in DRC.

Unite fell 2.5% as it confirmed media speculation it was in advanced talks to buy fellow student accommodation firm Liberty Living from Canada Pension Plan Investment Board.

LARGE AND MID CAP RISERS AND FALLERS

AstraZeneca moved 0.3% higher after it said its small cell lung cancer drug had met its primary goal as it showed a clinically meaningful improvement in survival rates of patients suffering from the disease compared with chemotherapy alone.

Pub group Greene King added 6% despite reporting a fall in annual profits and warned that poor weather and consumer uncertainty would hurt sales in the coming year.

Insurer Hiscox lost 1.2% after it said Richard Watson would be retiring from his role as chief underwriting Officer of the company after 33 years.

Energy services group Hunting climbed 0.9% after it said it expected first-half earnings to be marginally ahead of last year's, as a rise in oil prices stabilised the US onshore completions market.

Serco rose 5.3% as it said it saw over 20% growth in first-half underlying trading profit with revenue up 6%. It added it now expected 2019 revenue to come out in the top end of the previously announced range amid favourable currency movements.

Pendragon dropped 4.5% after it said that current CEO Mark Herbert would leave the company by mutual agreement with effect from 30 June 2019.

Ahead of its AGM, supply chain solutions provider Wincanton gained 0.4% after it confirmed that trading continued in line with expectations.

Kingfisher was up 4.1% as it appointed Thierry Garnier as CEO to replace Veronique Laury.

SMALL CAP RISERS AND FALLERS

XPS Pensions fell 38.6% as it warned of an impact on profit over the next 12 months from a one-off increase in costs.

Allergy Therapeutics jumped 5.6% as it said it expected to generate earnings ahead of market expectations amid lower-than-anticipated overheads through cost control and lower R&D costs. The company also said it had received a $7.6m settlement from Inflamax.

Harwood Wealth Management lost 6.1% even as it reported a surge in profits amid more stable equity markets in the second quarter and as its in-house investment portfolios bolstered growth.

Story provided by StockMarketWire.com
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