Share Prices & Company Research

Market News

16 Oct 2019 | 16:38

FTSE drops as Brexit deal uncertainty rises

UK stocks dropped on Wednesday as doubts emerged as to whether a Brexit deal could be agreed in time for the EU summit on Thursday.

The pound had a volatile day as mixed messages emerged from Brussels, gaining against the dollar as positive news from the Brexit talks came to light but falling again when hopes of a deal started to fade.

All the uncertainty meant the UK's benchmark FTSE 100 index closed 43.69 points, or 0.61%, down at 7,167.95.

LARGE AND MID CAP RISERS AND FALLERS

Mining house Rio Tinto shed 1.5% to £39.59 as it produced 6% more iron ore in the third quarter, but downgraded its annual production forecasts for bauxite and alumina.

Online fashion retailer Asos surged 28.9% to £32.99, even as it reported a steep fall in profit owing to operational hitches at warehouses in the US and Germany.

The company, which had already foreshadowed the fall in a previous profit warning, also said it had made a strong finish to the year and a 'solid' start to the new financial year.

Travel company National Express edged 0.45% higher to 450.4p after its Spanish and Moroccan division ALSA won a bus contract in Casablanca, expected to secure more than €1bn in revenue over a 15-year term.

Residential property developer Barratt Developments fell 0.5% to 679p on a warning that it continued to expect to grow homebuilding volumes toward the lower end of its medium-term target range this year.

Private health care services group Mediclinic International firmed 2.8% to 368p as its first-half revenue rose by about 9.0% in the first half, helping to boost earnings.

Property investor and developer Segro fell 1.3% to 812p after it signed new headline rent contracts worth £15.3m in the third quarter, up from £12.6m on-year. Rent roll growth from existing space, however, fell.

SMALL CAP RISERS AND FALLERS

Woodford Patient Capital dropped 5.9% to 32.37p, a roughly 50% discount to its net asset value, after manager Woodford Investment Management handed in its notice and announced it would close down.

Payments firm Boku improved 2% to 101.5p after it inked a partnership with GoPay to extend mobile payments across populous Indonesia.

Infection prevention product manufacturer Tristel gained 0.47% to 295p as it booked an 18% rise in annual profit driven by sales growth both at home and abroad.

Manufacturing group PipeHawk fell 6.1% to 3.85p on announcing that it had acquired loss-making company Wessex Precision Instruments for a nominal sum of £1.

Advanced materials group Applied Graphene Materials gained 2.5% to 18.45p despite the fact its annual losses widened amid slower-than-expected revenue growth.

Nanomaterial manufacturer Nanoco fell 3.9% to 9.8p as it narrowed its annual losses after its revenue more than doubled, though it warned of tougher trading ahead due to the loss of a key US customer.

Entertainment AI shot up 6.1% to 43.5p as the technology and media platform company hailed strong third quarter audience and ad revenue growth.

Story provided by StockMarketWire.com
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.