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UK stocks open flat amid wave of earnings upgrades
StockMarketWire.com
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UK stocks tracked sideways in early trade on Tuesday as fears about the economic impact of a third nationwide Covid-19 lockdown were tempered by a bevvy of company earnings upgrades.
At 0824, the benchmark FTSE 100 index had inched 2.04 points, or less than 0.1%, lower to 6,796.44.
Home improvement retailer Kingfisher added 3.5% to 289.2p on announcing that it was 'comfortable' with the top end of current market expectations for its annual pre-tax profit as 'strong' demand continued.
House builder Vistry rallied 3.6% to 984.5p, having guided for a full-year profit at the upper end of forecasts and resumption of dividends with a 'modest' final payout.
Building materials distributor Grafton firmed 2.6% to 964.5p as it, too, upgraded its annual profit guidance, citing a strong-than-expected performance in November and December.
Also jointing the upgrade crowd was online gaming group Gamesys, which rose 1.9% to 12.80 on guiding for annual revenue and adjusted core earnings at the upper end of current market expectations.
Respiratory diseases focused Vectura was in on it, too, firming 0.5% to 124.4p having forecast full-year adjusted earnings and revenue beat following the approval of a generic Advair treatment in the fourth quarter.
Electrical component supplier XP Power eased back 0.3% to £50.8455 despite upgrading its annual profit guidance, as revenue jumped 25% in the fourth quarter and it achieved efficiency gains in its healthcare division.
Recently listed online retailer The Hut Group climbed 2.1% to 806.41p, having achieved a 41% surge in annual revenue, bolstered by a 51% jump in the fourth quarter. It also upgraded its sales guidance for 2021.
Elsewhere, miniature wargames maker Games Workshop dropped 6.3% to £10.89488 even as it reported a jump in first-half profit.
Games Workshop also cut its annual dividend to 80p per share, from 100p.
Gambling company Playtech gained 3.3% to 463.9p, despite forecasting a drop in annual earnings after the Covid-19 pandemic hit demand.
Playtech's adjusted earnings before interest, tax, depreciation and amortisation for the year through December was expected to be at least €300 million, compared to the €383.1 million posted for 2019.
Engineering company Wood Group rose 1.2% to 352p on news that it had won a contract worth more than $120 million from China's Sinopec Hainan Refining and Chemical. Story provided by StockMarketWire.com
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