Share Prices & Company Research

Market News

09 Jul 2019 | 16:37

Tight-lipped Powell keeps markets guessing on rates

Investors continued to fret about US interest rates after Federal Reserve chief Jerome Powell was non-committal in his appearance before US lawmakers.

By the close the FTSE 100 was down 0.2% at 7,536.47 while at 4.30pm UK time the S&P 500 was down 0.06% at 2,974.70. Sterling slipped to two-year lows on no-deal Brexit fears and this provided some support to UK blue chips.

Industrial group Melrose fell 4.3% amid negative news from the automotive sector which is a big customer for its GKN business.

Construction firm Kier remained under pressure down 10.4% to fresh lows amid concerns over its financial position.


Online grocery retailer Ocado gained 5.6%, despite booking a deeper first-half loss partly owing to a fire at its Andover distribution centre in the UK. The company also posted an 11% rise in sales.

Software group Micro Focus International shed 5.3% after its first-half revenue slipped 7%. The company stuck to its full-year guidance for a fall of 4-6%.

Housebuilder Bovis Homes gained 0.2% as it reported higher sales rates and selling prices in the first half.

Listed residential landlord Grainger advanced 0.3% on news that it had agreed to forward fund a 146-home development in Canning Town, London for about £62m.

Sports Direct dipped 1.4% as it declared its £52m bid for video game company Game Digital unconditional after it was accepted by more than half of the target's shareholders. Game Digital fell 0.3%.

Animal-drug developer Dechra Pharmaceutical gained 1.5% on reporting an 18% rise in annual revenue in a trading update.

Recruitment company Robert Walters fell 4% despite net fee income rising by 7% in the second quarter, owing to growth overseas offsetting weakness in the UK.


Industrial chain supplier Renold sank 22.4% after it admitted to identifying accounting mistakes in previous results that led to an overstatement of profits. The company has consequently delayed its annual general meeting.

Trafalgar Property slumped 37% after it revealed that it had failed to secure funding needed to acquire an assisted living development site in Camberley.

Story provided by
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.