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FTSE 100 trims losses as investors eye Sunday Brexit deadline
StockMarketWire.com
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The FTSE 100 was off its lows for the day but still firmly in negative territory as investors looked towards an apparent Brexit deadline on Sunday with the realisation that next week could begin with confirmation of a no-deal outcome.
The index closed down 0.8% at 6,546.75, while in the US the S&P 500 was 0.6% lower to 3,647.79 by 4.30pm UK time.
Banking stocks fell as the regulator's decision to allow them to pay dividends came with strings attached. Natwest was worst affected, down 6.7% to 150.4p
Sanofi and GSK delayed their Covid-19 vaccine program after the results showed an insufficient immune response in older adults.
The weaker-than-expected results demonstrated the 'need to refine the concentration of antigen in order to provide high-level immune response across all age groups,' the companies said.
GSK shares fell 0.3% to £14.13.
Rolls Royce said its restructuring plans are on track to deliver £1.3 billion in cost savings by 2022 in a trading update.
It expects to turn cash flow positive at some point during the second half of 2021, targeting at least £750 million free cash flow as early as 2022 and at least £2 billion from disposal proceeds.
Shares were down 7.9% at 117p.
Homebuilder Bellway halved its final dividend and said it expected annual home completions to rise by 25% amid pent-up demand.
For the 17 weeks from 1 August to 29 November, the forward order book rose 18.7% to £1.77 billion.
Its shares slid 1.6% to £27.18.
Insurance company Admiral said its chief executive David Stevens had completed completion the handover of duties to CEO designate, Milena Mondini de Focatiis, and would retire at year-end.
Shares climbed 0.6% to £28.70.
JPMorgan European Smaller Companies Trust said it had topped its benchmark performance in the first half of the year, thanks to investment gains in technology, wellness and environmental sectors.
For the six months to 30th September 2020, the return on net assets was 49.2%, which outperformed by some margin the company's benchmark index, the MSCI Europe (ex UK) small cap net total return index of 34.9% over the same period. Its shares dipped 0.2% to 468p.
Calisen surged on Friday after the company agreed terms on a £1.43 million, or 261 pence a share, go-private takeover offer from Coyote Bidco, a consortium of investors.
Its shares rose 24.88% to 258.00p.
Story provided by StockMarketWire.com
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