Share Prices & Company Research

Market News

13 Aug 2019 | 12:09

UK stocks slip further in midday trade

UK stocks continued lower on Tuesday in the wake of substantial falls on Wall Street triggered by rising bond yields that are stoking recession fears.

At midday, the benchmark FTSE 100 index was down 34 points or 0.5% at 7,193.

LARGE-CAP GAINERS & LOSERS

Travel company TUI gained 2.5% to 831p despite posting a 55% fall in third-quarter profit owing to lower consumer confidence, sapped by Brexit, and the grounding of Boeing's 737 MAX aircraft.

TUI, however, also stuck to its full-year earnings guidance, dousing fears of yet another downgrade, and said it had agreed to sell two German specialist businesses -- Berge & Meer and Boomerang -- for an enterprise value of €96m to €106m, including a €10m earn-out.

NMC Health was the biggest loser on the FTSE 100, shedding another 5.8% to a new 12-month low of £17.99 and bringing its losses for the week to 11%.

MID- & SMALL-CAP MOVERS

Sensor system provider Transense Technologies jumped 16% to 71p on news that it had sealed a plum supply agreement with tire company Bridgestone.

Online broking house Plus500 rallied 15% to 660p, even as it booked a 56% fall in first-half profit.

The company launched a $50m share buyback and said its performance had improved during the second quarter as choppier market conditions increased trading opportunities.

Auto dealer Marshall Motor Holdings advanced 1.1% to 140p, despite cutting its dividend by a third and reporting 9% fall in first-half profit.

Greeting cards retailer Card Factory reversed early gains, dropping 3.4% to 156.4p, despite posting positive like-for-like sales growth in the first half of the year.

Luxury watch retailer Watches of Switzerland also reversed its earlier gains, ticked 1.2% lower to 280.5p even as it grew revenue by 18% in its first quarter, with gains in both the UK and US markets.

Water and climate-management product manufacturer Polypipe shed 1.8% to 396p as it posted a reasonably modest 4.3% rise in first-half profit.

Aviation services group John Menzies descended 3% to 402.5p after it revealed a first-half loss, citing a loss of business in the second half, weak cargo volumes and the grounding of Boeing's 737 Max aircraft.

Newspaper and magazine distributor Connect shed 4% to 36p on warning that its overall trading performance was 'slightly below' market expectations. Story provided by StockMarketWire.com
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