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UK stocks open lower as Covid-19 cases climb
StockMarketWire.com
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UK stocks opened lower on Monday as Covid-19 cases continued to climb at concerning levels in the UK, Europe and the US.
At 0822, the benchmark FTSE 100 index was down 16.63 points, or 0.3%, at 5,843.65.
In corporate news, Coca-Cola bottler Coca-Cola European Partners jumped 8.5% to 35.25c after it lobbed a €6.5 billion bid for Australian counterpart Coca-Cola Amatil.
The Australian company agreed to recommend the offer to its shareholders, subject to completion of due diligence.
Advertising group WPP rose 0.2% to 667p on news that it had appointed Ya-Qin Zhang as a non-executive director.
Zhang was president of Chinese internet giant Baidu between 2014 and 2019 and had also held executive positions at Microsoft.
Student accommodation group Unite fell 1.2% to 875.5p after it appointed Richard Huntingford as its new chairman, to replace Phil White at the start of April.
Huntingford was also currently chairman of specialist media platform Future, which shed 0.5% to £20.15.
Recently listed online beauty products retailer The Hut Group gained 2.2% to 681.48p, having upgraded its annual revenue guidance after its third-quarter sales jumped 39%.
The Hut Group lifted its annual revenue forecast to between around £1.48 billion and £1.52 billion, up from its previous target of around £1.43 billion.
Argentina-focused oil company President Energy rallied 7% to 1.58p, even as it swung to a first-half loss pinned on a steep fall in crude prices.
On a more positive note, President Energy's average monthly revenue for the first two months of the third quarter was $2.6 million, a substantial increase on the $1.5 million per-month average for the second quarter.
Molecular diagnostics group Yourgene Health slumped 9.4% to 17.68p on announcing that its first-half revenue had risen 5%, as strong growth in the UK and Europe was offset by weakness in the company's international business.
Cancer treastment developer Advanced Oncotherapy dropped 14% to 31.75p after it launched £7.7 million equity raising, at 30p a share.
Financial services group WH Ireland added 4.3% to 38.6p as it swung to a modest first-half profit, its first half-yearly profit in five years.
Flooring retailer United Carpets slumped 7.7% to 3p even as its revenue showed signs of recovery since it reopened its 56 stores on 22 May.
Like-for-like sales for the 19 weeks to 1 October had risen 24%, meaning the United Carpets had recovered much of the ground lost during the UK's national lockdown.
Story provided by StockMarketWire.com
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