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FTSE 100 lower by lunch with sterling steady amid Brexit limbo
StockMarketWire.com
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The FTSE 100 was down 0.5% by midday to 6,522.89 as sterling was largely treading water as Boris Johnson heads to Brussels in search of a Brexit breakthrough.
Equipment rental group Ashtead upgraded its full-year outlook after a 'strong' second quarter of market outperformance eased a pandemic-led impact on first-half results. It shares were up 3.3% to £33.35.
Plumbing company Ferguson rose 0.4% to £85.10 after it reported a 12% rise in first-quarter trading profit as sales improved in US and Canada.
Ferguson said it was continuing to generate low single-digit revenue growth in the second quarter, though it remained cautious on its outlook due to the pandemic.
Power utility National Grid gained 1.4% to 872.2p after British regulator Ofgem softened the cut to the amount of return on equity that transmission system operators can generate by less than feared.
National Grid said it was reviewing Ofgem's final regulatory proposal, which would apply from April 2021 to March 2026. Fellow power network provider SSE gained 2.5% to £13.98.
Takeover target Kaz Minerals fell 1.8% to 645.1p, even as it lifted its annual production guidance.
Kaz said copper and gold output were now expected to be 2-to-3% above their guidance ranges of 200,000-to-300,000 tonnes and 180,000-to-200,000 ounces, respectively.
Financial information provider Euromoney Institutional Investor climbed 0.6% to £10.40 on announcing that it had acquired WealthEngine for $14.5 million.
WealthEngine was a software-as-a-service platform that offered intelligence and predictive analytics to wealth managers, luxury brands and not-for-profit organisations.
Financial services group Numis shed 2.3% to 336p despite as its annual profit almost tripling, thanks to a jump in revenue at both its investment banking and equities divisions.
Numis held its dividend steady at 12p per share for the fifth successive year.
Engineering services group Renew dropped 3% to 520p, even as it posted a 19% rise in annual profit and reinstated its dividend amid a recovery in trading levels back to pre-pandemic levels.
Renew declared a final payout of 8.33p per share, up 8.6% year-on-year, though its full-year dividend was lower than the 11.50p paid out a year earlier because it had scrapped its interim payout.
Housing services provider Mears fell 1% to 153.5p after it said it expected to eke out a small annual pre-tax profit as its performance improved in the second half.
Component supplier to the construction sector Tyman added 1.7% to 326.5p as it guided for annual adjusted earnings 'slightly above' the top end of current analysts' forecasts amid a recent bounce back in sales.
Story provided by StockMarketWire.com
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