Share Prices & Company Research

Market News

17 Jul 2019 | 09:09

UK stocks open 0.2% weaker, led down by oil companies

UK stocks opened lower on Wednesday as energy companies were dragged down by recent oil-price weakness.

At 0859, the benchmark FTSE 100 index was down 12.86 points, or 0.2%, at 7.564.34.

BP and Shell fell 1.9% and 0.8%, respectively, while Premier Oil shed 3.2%, even as it boosted first-half production and lowered its cost guidance.

Mining giant BHP gained 0.4%, despite it reporting a 1% fall in fourth-quarter iron ore production owing to a cyclone in Australia.

The fall was nevertheless in line with the company's revised guidance and it also exceeded its guidance for petroleum output.

Fellow miner Fresnillo shed 2.2% as it cut its full-year production guidance thanks to lower-than-expected ore grades and construction delays.

TalkTalk Telecom added 3.8% after the addition of new broadband customers helped it grow its headline revenue in the first quarter.

Construction group Galliford Try rallied 6.1% on the back of an upbeat first-half trading statement.

Consumer goods group UP Global Sourcing, which trades as Ultimate Products, jumped 13% as it upgraded its annual profit guidance owing to better-than-expected sales in the second half.

Premier Foods added 1.2% owing to higher revenue in the first quarter, underpinned by sales of the company's Ambrosia and Sharwood's brands.

Water utility Severn Trent declined 0.5%, despite announcing that it had made a 'good' start to the new financial year and expected to deliver a full-year result in line with prior guidance.

Internet of Things investor Telit Communications fell 1.5% on guiding for a fall in first-half revenue owing to the sale of its automotive business. Story provided by
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