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23 Jul 2019 | 12:10

FTSE higher as Boris Johnson wins Conservative Party leadership

The FTSE 100 was 0.6% higher as in a widely predicted move Conservative Party members voted Boris Johnson as their leader paving his way towards Number 10. Sterling was volatile around the announcement.

Supermarkets were under pressure off the back of weak industry data. Sainsbury's led the way lower with a 2% decline.


Consumer goods group PZ Cussons reversed earlier losses to trade flat at 227p after it booked a 38% drop in annual profit, as sales were hit by weak economic conditions in Nigeria and adverse foreign exchange movements.

The company said it was reviewing the growth potential of some of its 'non-core' brands and would ultimately focus more on its personal care and beauty categories. It would also streamline its activities in Nigeria.

Online trading house IG shed 0.6% on announcing a 31% fall in annual profit, pinned on stricter regulations and weaker market conditions.

Specialist insurer Beazley rose 3.6% after it posted a large rise in first-half profit, having successfully pushed through rises in premium rates while generating higher returns from its investments.

Premium mixer retailer Fevertree Drinks shed 11.5%, despite posting a 7% rise in first-half profit and hiking its dividend 23%, as it also revealed that its sales had been hurt by an unseasonably poor British summer.

Student accommodation developer Unite climbed 0.9%, even while booking a 12% fall in first-half profit owing to lower property valuation gains, as it boosted underlying earnings and upped its dividend 8%.

London and Johannesburg listed packaging group Mondi gained 2.8% after it announced that it expected to post a substantial rise in first-half earnings.

Specialist lender Paragon Banking added 0.9% as it steadily continued to grow the size of its mortgage and commercial lending books, while improving its net interest margin.

IT focused recruitment company FDM lost 3.1%, despite posting a 9% rise in first-half profit, after it also reported weaker client demand in the UK and US during the second quarter.


Auto retailer Motorpoint reversed 0.9% on guiding for a fall in first-half profit, though the company said that it had seen some margin improvement in July.

Convenience store retailer McColl's reversed 1.6%, as it it booked a fall in first-half profit, owing to lower margins in a 'highly competitive' market.

Surveillance technology company Synectics gained 4.4% despite posting a 20% fall in first-half profit, owing to order deferrals hurting sales.

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