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FTSE hits five-month low as US stimulus hopes fade
StockMarketWire.com
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The FTSE 100 index opened down 0.3% at 5,758.04, as companies across Europe began Q3 earnings season, revealing the extent to which they have been hit by the global pandemic and hopes for a US stimulus package faded.
British Airways owner International Airlines Group swung to a third-quarter loss and warned it no longer expected to breakeven on cash flows in the fourth quarter after slashing its capacity amid a surge in Covid-19 cases.
It planned for capacity in the fourth quarter of 2020 to be no more than 30% compared to 2019, citing the high uncertainty of the current environment.
Shares were down 5.2% in early trading to 95p.
Consumer goods giant Unilever reported underlying sales growth of 4.4% for the third quarter of 2020. It ticked up 1.1% to £47.55.
Estate agent Countrywide's shares slumped 12.2% to 162p as it urged shareholders to back a recapitalisation plan. The plan would see Alchemy take a majority stake in the company with a £90 million investment and shake up the board with a new leadership team.
Renishaw's stock was down 2.7% to £55.58 this morning despite the company reporting that its adjusted profit before tax jumped by more than 300% in the three months to the end of September when compared to the same period last year.
Total revenue for the quarter declined to £116.9 million, down by 6%, but profit before tax reached £18.3 million compared to £4.3 million a year earlier.
Builders merchant Travis Perkins recorded like-for-like revenue growth of 3.9% in the third quarter of 2020, it announced this morning.
It cited strong performance from its Wickes and Toolstation brands, with the latter recording like-for-like sales growth of 25.5%.
Travis Perkins shares were up 2.3% to £12.48.
Mining company Anglo American reported a 24% rise in quarterly production in the third quarter compared to the second.
Its share price was flat this morning at £19.50.
Rentokil Initial reported ongoing revenue growth of 9.8% in the third quarter of 2020 as it returned to a programme of acquisitions.
The company's shares were up 2.3% on the news to 529p.
FTSE 250-listed Spectris reported a like-for-like sales decline of 9% in the third quarter of 2020, up from -18% in Q2.
Shares ticked up 0.7% to £26.84.
Publishing and events company RELX's shares dropped 1% to £16.38 after it reported a 70% decline in revenue for its exhibitions and events business over the course of 2020 to the end of September.
Mining company Polymetal International reported a 35% jump in third-quarter revenue as gold and silver prices rose. Revenue for the period reached $884 million.
Its shares ticked up slightly by 0.5% to £17.74.
Property investment company Capital & Counties said it had invested another £65 million in West End property investor Shaftesbury, increasing its stake to over 25%.
Its share price dropped by 9.7% to 102.9p on the news. Shaftesbury itself fell 17.4% on news of a discounted cash call.
Online comparison site Moneysupermarket.com reported a 16% fall in revenue in the third quarter of 2020 amid tighter bank lending conditions.
Its stock fell by 4.1% in early trading to 256p
Online music and equipment retailer Gear4music upgraded its outlook after reporting a jump in sales in the first of the year as strong demand continued.
Its share price was up by 2.2% to £705p. Story provided by StockMarketWire.com
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