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20 Jan 2020 | 11:51

FTSE lower in thin trading as Fevertree loses its fizz

UK stocks were trading modestly lower by lunchtime on Monday amid thin trading on a US public holiday, with tonic water maker Fevertree Drinks tanking 25% on the back of disappointing trading update.

At 11.30, the benchmark FTSE 100 index was down 32.25 points, or 0.42%, at 7,642.31, while the FTSE 250 traded 38.4 points lower at 21,847.65.


Fevertree Drinks sank 25% to £15 as it warned on profits, after subdued Christmas trading in the UK limited its annual revenue growth to a disappointing 10%.

Defence company BAE Systems rose 2.7% to 641.6p, on announcing that it had agreed to acquire Collins Aerospace's global positioning system business for $1.93bn.

BAE also agreed to acquire Raytheon's airborne tactical radios business for $275m.

Mining company Anglo American edged back 10p to £22.36 as it had made a formal £404.9m takeover bid for Sirius Minerals, which was accepted by the British fertilizer hopeful's board.

Sirius Minerals rose 2.2% to the 5.5p bid price.


Mall operator Intu Properties slipped 8.6% to 20.9p after it revealed plans to conduct an equity raising.

Economic infrastructure financing specialist Sequoia Economic Infrastructure Fund fell 1.2% to 117.2p, as it too flagged a potential equity raise.

Online women's fashion retailer Sosandar reversed 6.2% to 26.5p, having warned that it would report a deeper-than-expected annual loss despite a jump in revenue, as it continued to invest in customer acquisition.

Waste-to-products group Renewi shed 5.9% to trade at 34.5p after warning that it would record a €25.5m exceptional charge in its annual results, owing to a new Dutch tax and Brexit hurting a key contract in Holland.

Advertising company M&C Saatchi softened 2p to 119p despite guiding for annual underlying profit in line with the downgraded guidance it delivered last month.

The company also said net cash would be least £15m, substantially ahead of expectations, owing to 'improved cash collection processes'.

Immunotherapy developer for cancer Scancell jumped 14.4% to 7.15p after it signed a collaboration and research agreement with a US-based, clinical-stage antibody company that it did not identify.

Cell-based therapies company MaxCyte rallied 9.1% to 132.5p on announcing that it was trading ahead of market expectations, as sales growth accelerated in the second half.

Advice-led wealth manager AFH Financial firmed 3.1% to 397p after reporting strong revenue growth, up 47% to £74.3m for the year to October, and assuring that trading remains strong and in line with the board's expectations.

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