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Brexit trade deal progress boosts sterling with FTSE flat
StockMarketWire.com
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Gains for the FTSE 100 were crimped by midday on Thursday as growing hopes of a Brexit deal sent the pound to multi-year highs against a weakening dollar. The index was down a smidge to 6,570.61.
Elsewhere the Bank of England opted to keep rates at the ultra-low rate of 0.1% and to keep its asset purchasing targets flat too at £875 billion. Effectively keeping its powder dry with the Brexit outcome still uncertain.
Military equipment maker Avon Rubber fell 12.5% to £32.72 as it warned on performance following a delay to first deliveries under its ballistics contracts with the US Army.
Advertising agency WPP gained 4.3% to 816p as it used an investor day to spell out that it intends to increase its dividend each year and restart share buybacks.
TalkTalk has agreed takeover terms with Toscafund Asset Management in a deal worth £1.1 billion.
The group also reported revenues of £740 million for the six months to 30 September, down from £792 million from last year.
Shares climbed 2.8% to 98.94p.
Sainsbury's Bank has appointed Lesley Jones as its new chair, effective from 30 January 2021. She replaces Roger Davis, who informed the board of his decision to step down in February.
Its shares fell 1.9% to 226.8p.
Food and beverage outlet operator SSP Group saw its profits plummet after being heavily impacted by Covid-19 and the closure of most of the global travel markets since March.
For the year ended 30 September 2020, the company reported an operating loss of £363.9 million, compared to a £221.1 million profit last year.
Its shares dropped 0.6% to 324.4p.
Mining company Anglo American said the value of rough diamond sales at its De Beers unit had increased during the tenth cycle of 2020 to $440 million from $426 million seen in the same cycle a year earlier.
Shares rose 2.3% to £25.03.
IntegraFin upped its dividend after reporting higher annual profit as funds under direction were boosted by a decline in fund outflows in the second half of the year.
For the year to 30 September 2020, pre-tax profit rose to £55.3 million from £49.9 million year-on-year as revenue increased to £107.3 million from £99.2 million.
Its shares were up 2% to 518p.
Serco Group posted a strong trading update and announced progress on contracts in Australia as its shares rose 3.2% to 123.8p.
Gas exploration and development company Energean said it had entered into a new set of agreements with Rapac Energy to supply an additional 0.4 Bcm per year of gas for a period of between 6 and 15 years from its Karish gas development project.
Its share price moved higher by 3.3% to 696p.
Hotel operator Dalata Hotel said it expected core earnings to be 'marginally ahead' of market expectations as cost cuts eased the blow from second-half disruption amid Covid-19 restrictions.
Shares rose 1.3% to 348p.
Story provided by StockMarketWire.com
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