Share Prices & Company Research

Market News

01 Oct 2019 | 12:59

FTSE falls back with sterling volatile

The FTSE 100 was down 0.2% to 7,391.41 by lunchtime amid ongoing Brexit-inspired sterling volatility and mixed UK manufacturing data.

Housebuilding stocks held up well despite a weak reading from the housing market.

LARGE AND MID CAP RISERS AND FALLERS

Greggs fell 10.2% to £18.77 despite posting around 12% growth in third-quarter sales, which rose 7.4% on a like-for-like basis.

Greggs also cut its new net store opening target for 2019 to 90, down from previous guidance of 100, and warned of higher input and labour costs.

Ferguson firmed 4.4% to £62.08 on announcing that it expected to continue to outperform in the US market in the second half of the year after efforts to boost margins lifted its annual profit.

Advertising company WPP rose 0.6% to £10.24 on news that it had poached John Rogers, the head of Sainsbury's recently-acquired Argos general merchandise business, to be its new chief financial officer. Sainsbury's rose 1.4% to 222.8p.

Pharmaceutical company AstraZeneca fell 1.1% to £71.85 after the Food and Drug Administration rejected its application for a lung-disease treatment.

AstraZeneca also announced that it had agreed to sell commercial rights for its heartburn treatment to Germany's Cheplapharm Arzneimittel for up to $276m.

Sportswear retailer JD Sports fell 0.1% to 750.8p as the UK's competition regulator referred the company's bid for rival Footasylum to an in-depth investigation, amid concerns it could raise prices for consumers.

Water and climate management solutions provider Polypipe gained 0.5% to 407.4p on announcing that it had acquired Alderburgh for £14m.

SMALL CAP RISERS AND FALLERS

Revolution and Revolucion de Cuba branded bar owner Revolution Bars dropped 5.4% to 66.1p after it reported a deeper annual loss amid a fall in like-for-like sales.

Digital communications group Next Fifteen Communications shed 6.7% to 466.5p after the company booked a 73% fall in first-half profit, owing to exceptional expenses including acquisition and restructuring costs.

Next Fifteen also announced that it had acquired Health Unlimited from Creston Overseas for a maximum sum of $45.0m. Story provided by StockMarketWire.com
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