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FTSE 100 underperforms global counterparts as pound gains on Brexit hopes
StockMarketWire.com
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The FTSE 100 was off its lows for the day by the close but still lower with sterling still enjoying gains amid belief a Brexit deal could be close.
At the end of the trading day the index was down 0.3% to 6,513.32. This compared with a 1.1% rise in Germany's DAX index and a 0.5% build in the S&P 500 by 4.30pm UK time.
Sportswear retailer JD Sports Fashion was 3% higher at 814.6p on news that it had acquired US group Shoe Palace for $325 million.
JD Sports said the San Jose-based company, with 167 stores, would boost its presence on the US west coast and strengthen its connection with Hispanic and Latino consumers.
London West End real estate investor Shaftesbury slipped 2.6% to 534.5p, having swung to a full-year loss after the pandemic hit rental income and prompted a steep downward revaluation of its property portfolio.
Shaftesbury's net losses for the year through September amounted to £699.5 million, compared to a profit of £26.0 million year-on-year. No dividends were declared, as previously guided.
Online trading platform IG rose 1.6% to 841p as it guided for a 66% jump in first-half net trading revenue amid a jump in its client base.
IG said it had an active client base in the second quarter of 207,000, up substantially from 133,800 year-on-year.
Real estate investor Segro was broadly flat at 908p after it agreed to acquire a further 74.9% of Sofibus Patrimoine for €178.6 million, boosting it exposure to the Paris urban warehouse market.
Segro would buy the stake for €313.71 per Sofibus share, lifting its holding to 94.4% following an initial 19.5% stake purchase in 2018.
Information and data analytics group Ascential gained 2% to 368.2p following news it would sell construction project sales leads unit Glenigan to Byggfakta for £72.9 million.
Ascential said the deal would allow capital to be allocated to other areas, such as its digital commerce segment, including through acquisitions.
Defence company Chemring rallied 10.7% to 300p after it raised its dividend, having reporting annual results that topped its expectations.
Chemring declared a dividend for the year of 3.9p a share, up 8% year-on-year.
Real estate agency Purplebricks jumped 17.7% to 89p as it swung to a first-half profit, in a sign it's recovering from a recent rough patch that saw it beat a retreat from North America and Australia.
Purplebricks also forecast annual adjusted earnings above current market expectations.
Story provided by StockMarketWire.com
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