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After treading water the FTSE 100 sinks by lunch
StockMarketWire.com
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By midday the FTSE 100 was down 0.8% to 6,744.71, giving back a good portion of the gains enjoyed in the first week of 2021 as Covid infections continued to soar both at home and abroad.
Home improvement retailer Kingfisher added 3.2% to 288.5p 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 surrendered earlier gains to trade down 0.6% to 944.75p, 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 dipped 0.5% to 936p as it, too, upgraded its annual profit guidance, citing a strong-than-expected performance in November and December.
Also joining the upgrade crowd was online gaming group Gamesys, which rose 5.3% to £13.22 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, dipping 0.2% to 123.6p despite 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 1.5% to £50.25 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 1.9% to 805.2p, 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 7.4% to £107.70 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 5.5% to 471.9p, 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 0.9% to 351p 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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