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FTSE makes gains as sterling subsides ahead of key Brexit discussions
StockMarketWire.com
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Sterling subsided on Wednesday afternoon ahead of prime minister Boris Johnson's dinner with European Commission president Ursula von der Leyen to discuss Brexit.
The FTSE 100 was a bit higher by the close, although off its highs for the day, up 0.3% to 6,575.68. In the US the S&P 500 had dipped 0.2% to 3,696.84 by 4.30pm UK time.
Security company G4S edged up 0.3% to 256.1p after it accepted a sweetened £3.8 billion takeover bid from rival Allied Universal.
Allied offered 245p per G4S share, higher than its previous 210p effort and trumping a rival bid from Garda World of 235p.
Tobacco giant British American Tobacco gained 0.7% to 2,923.50, despite forecasting annual revenue at the high end of its guidance range amid an improved outlook on sales volumes.
BAT said its constant currency adjusted revenue growth was now expected to be at the high end of a 1-to-3% range.
Supermarket group Tesco rose 1.3% to 227.4p on announcing that it would complete a planned $10.6 billion sale of businesses in Thailand and Malaysia later this month, now that all regulatory approvals were in the bag.
Tesco intends to return about £5 billion of the proceeds to shareholders via a special dividend, which was expected to be paid out on or around 26 February. It also would pay £2.5 billion to its pension scheme.
Infrastructure group Balfour Beatty dipped 0.8% to 266.4p, reversing earlier gains, after it flagged a resumption of dividend payments and the launch a £50 million stock buyback from January, having lifting its order guidance.
Kitchen and joinery products supplier Howden Joinery rallied 5% to 674p as it upgraded its profit outlook, citing a continued strong performance since a previous update on 2 November.
Howden Joinery now expected pre-tax profit to be around 10% above the top end of current analyst forecasts of £123 million to £152 million.
Enterprise software company Sage gained 0.9% to 569.4p following news it had agreed to sell its Polish business to funds advised by Mid Europa Partners for around £66 million.
House builder Vistry firmed 1.6% to 877p on announcing that it would consider reinstating a 'modest' final dividend for 2020, potentially bringing forward previous plans for an interim 2021 reinstatement.
Vistry also reiterated guidance for a pre-tax profit for the year through December at the top end of a £130 million-to-£140 million range.
Plastics producer Victrex dipped 0.7% to £20.98, even as it reported a 39% fall in annual profit after the pandemic crimped demand in end markets including automotive and medical.
Victrex, however, also reinstated its dividend citing a resilient cash position. It would pay a final dividend of 46.14p per share.
Bus and train operator Stagecoach added 7.8% to 79.7p, despite reporting a steep fall in first-half profit and scrapping its interim dividend as the pandemic crunched demand for public transport.
Pre-tax profit for the six months through September dropped to £5.4 million, down from £65.9 million year-on-year.
Stagecoach said the fact that it was able to remain profitable reflected management actions to respond to Covid-19 and support from government and local authorities.
Photobooth and laundry services group Photo-Me International dropped 5% to 56.1p on guiding for a 26% fall in first-half revenue as the pandemic shrank footfall in the busy locations that host its booths and children's rides.
Photo-Me also said it planned to remove 4,900 photobooths across the globe to adjust to the drop in demand.
Auto dealer Marshall Motor advanced 7.1% to 143p as it upgraded its annual profit guidance, even after another temporary closure of its showrooms.
Story provided by StockMarketWire.com
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