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FTSE 100 down 1% by midday but off its lows
StockMarketWire.com
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The FTSE 100 was off its earlier lows but still down 1% to 6,463.45 by midday, effectively wiping out all of its gains since the start of 2021.
The worst week for markets since October has seen investors rattled by traders on Reddit buying stocks such as GameStop in coordinated attacks against short sellers. Fears of vaccine nationalism, ongoing surges in Covid infections and economic slowdown have also contributed to the weakness.
New float, shoe maker Dr Martens was up 16% on its first day of trading to 470p.
Polymetal International reported strong production results for the fourth quarter and twelve months ending 31 December despite the Covid-19 pandemic. Revenue in 2020 jumped by 28% to reach $2.9 billion while fourth quarter revenue was up 31% year-on-year to $0.8 billion on the back of higher gold sales and higher metal prices.
Its shares were up 0.5% to £16.13.
Sirius Real Estate said it collected nearly all the rent from its German business parks despite the Covid-19 pandemic. It recorded a cash collection rate of 98% and wrote off just €205,000 out of total rent and service charge invoicing of €141.2 million in the 12 months to December.
Shares dropped 0.7% to 92.3p.
Biotherapeutics company PureTech Health has appointed Bharatt Chowrira to its board as an executive director, effective from 1 February.
Shares were up 5.8% to 392.9p.
Paragon Banking Group reported a fall in the first quarter lending volumes as the Covid-19 hit house sales. Specialist buy-to-let volumes fell £110.8 million to £298.7 million for the three months to 31 December compared to same period last year.
Its shares dropped 0.5% to 452.8p.
Publishing company Bloomsbury Publishing said for the 12 months ending 28 February 2021, revenue was expected to be ahead and pre-tax and highlighted items profit well ahead of market expectations of £161.8 million and £12.1 million, respectively.
Shares rose 8.8% to 309p.
Mining company Evraz said in Q4 2020, crude steel output rose by 7.4% quarter-on-quarter, mainly due to higher production volumes at EVRAZ NTMK following the completion of scheduled capital repairs during Q3 2020, as well as improved production volumes at EVRAZ North America, which grew by 26.6% quarter-on-quarter.
Its shares ticked up 0.1% to 502.8p.
Real estate company CLS said it had unconditionally exchanged contracts to acquire a portfolio of three office buildings in Dusseldorf, Berlin and Hamburg for €89.7 million.
Shares dropped 0.9% to 213p.
Story provided by StockMarketWire.com
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