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Market News

11 Jul 2019 | 12:06

FTSE falls flat by midday, sterling enjoys gains

The FTSE 100 surrendered earlier gains to trade flat as leading candidate for the Conservative Party leadership Boris Johnson played down a no deal Brexit, giving sterling a bit of a lift.

Housebuilders were in demand off the back of encouraging data on the UK property market. Barratt Developments led the way higher, rising 3.2%.

LARGE CAP AND MID CAP RISERS

Nurofen owner Reckitt Benckiser climbed 2.2% after it said it had agreed to pay a settlement of $1.4bn to 'fully resolve' all US federal investigations into how its former prescription pharmaceuticals subsidiary, Indivior, sold and marketed Suboxone Film, a drug which treats opioid addiction.

Indivior itself rocketed 22.75% as it also raised its earnings guidance on a stronger-than-expected first half, during which its opioid-addiction treatment loss less market share than expected following the launch of copycat drugs from rivals.

Office space provider Workspace Group added 1.5% after it reported an increase in customer demand and lettings in the first quarter of 2019 compared with those seen a year earlier.

Diploma climbed 4.5% after it said it had acquired Virginia Sealing Products for an initial consideration of £56m.

Leisure Travel and Distribution & Logistics group Dart gained 1.9% after it said annual profits had increased by more than a third amid the growing success of its Leisure Travel products. But the company said it may have to cut the prices of its flight-only and holiday packages to entice customers.

SMALL CAP RISERS AND FALLERS

Household products firm McBride fell 11.3% as it warned on profit.

Video analytics provider Big Sofa Technology fell 2.9% giving up its earlier advance as it said first-half revenues grew by more than 70% amid material growth in commissions, the closer integration with Ipsos and new client additions.

Pantheon International rose 3.1% as it said its net asset value per share increased 6.5% from 30 April 2019 to 31 May 2019 and by 14.7% over the year to 31 May 2019 as valuation gains, investment income and foreign exchange movements offset expenses and taxes.

IndigoVision surged 10.7% after it said it expected to report positive earnings and an operating profit for the first half of the calendar year, for the first time since 2014.

Allergy Therapeutics gained 1.5% after it reiterated its expectations to top market expectations as it continued to gain market share within its core markets in Europe.

And advanced materials group Haydale dropped 11.1% after it said it anticipated annual results at the lower end of market expectations following a "challenging few months" refocusing resources and higher-than-expected costs from restructuring activities.

Food technology company BigDish spiralled 16.7% lower despite announcing it had launched its yield management platform for restaurants in Brighton. Story provided by StockMarketWire.com
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