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UK stocks open 0.3% lower as investors take profits
StockMarketWire.com
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UK stocks opened lower on Monday as investors took profits following strong recent gains, driven by expectations of more US stimulus and Covid vaccine success.
At 0826, the benchmark FTSE 100 index was down 22.46 points, or 0.3%, at 6,850.80, after having ended the first week of 2021 with a 6% gain.
Shoe and sports apparel retailer JD Sports Fashion climbed 4.6% to 889.6p as it upgraded its profit outlook amid robust second-half demand, including during the key months of November and December.
JD Sports's pre-tax headline profit for the year through January was now anticipated to be at least £400 million, up from current expectations averaging around £295 million.
Medical technology group Smith & Nephew dropped 2.6% to £15.78 on guiding for a fall a fall in fourth-quarter revenue amid a surge in Covid-19 infection rates.
Smith & Nephew's underlying revenue for the three months through December was seen falling by around 7%, bringing the fall for the full year to around 12%.
Budget airline EasyJet inched less than 0.1% lower to 786p after it secured a $1.87 billion five-year term loan from UK Export Finance to strengthening its balance sheet.
Delivery services group Royal Mail added 0.3% to 361.38p on confirming the appointment of current director Simon Thompson as chief executive of its UK business.
Stuart Simpson, who had been serving as acting CEO of the UK business, would leave the company at the end of January following a short handover period.
Residential landlord Grainger fell 0.3% to 288p, having acquired a forward-fund build-to-rent development in Bristol for about £63.1 million.
Sports-betting and gaming group Entain shed 1.4% to £14.55 on announcing that chief executive Shay Segev was standing down, either at the end of a six-month notice period or until a successor was in place.
Entain said the change had no bearing on its view of a recent takeover bid for the group by MGM Resorts International.
Student accommodation provider Unite edged back 1p to £10.08 following news that it was offering students a discount on their rent in the wake of the UK's new nationwide Covid-19 lockdown.
Students would be able to apply for a discount of 50% of their rent for a total of four weeks. The associated loss of rental income was expected to result in a reduction to EPRA earnings per share of up to £8 million, or 2p, for the 2021 financial year.
Building materials group SIG rallied 10% to 34p, having guided for a smaller-than-expected annual loss following a recovery in the fourth quarter.
SIG's underlying operating losses for the year through December were expected in the range of £57 million-to-£61 million. Like-for-like sales in the fourth quarter grew 4% year-on-year, limiting the full-year fall to 13%.
Consultancy company Science Group jumped 6.9% to 309.9p as it upgraded its annual earnings expectations amid a rise in sales.
Science Group also announced the looming departure of finance director Rebecca Archer, to be replaced by Sameet Vohra, who was most recently interim finance director at fashion retailer Ted Baker. Story provided by StockMarketWire.com
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