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FTSE 100 going nowhere fast thanks to strong pound
StockMarketWire.com
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Despite strong gains of oil stocks on a further advance in Brent crude the FTSE 100 was hamstrung by sterling strength on Tuesday.
By midday the index was pretty much unmoved at 6,524.04 with US futures implying a modest step back for US stocks from the record highs marked on Monday.
Ocado dropped 2.3% to £26.84 as it posted another full-year loss, even after its sales were boosted by higher demand for groceries during Covid-19 lockdowns.
Ocado also forecast more spending on its logistics technology business that would weigh on earnings in the current financial year.
Homebuilder Bellway gained 3% to £31.20, having raised its annual guidance on build output and margins, citing strong underlying demand.
Bellway said housing completions for the year through July were now expected at around 9,800 homes, up from 7,522 year-on-year, on an improved 14.5% operating margin.
Enterprise software group Micro Focus International rose 6.7% to 524.6p, having reinstated its dividend, despite swinging to a deep annual loss, citing a strong cash position.
Pre-tax losses for the year through October amounted to $2.97 billion, compared to a year-on-year profit of $1.47 billion, as revenue slid 10% to $3.00 billion. Micro Focus declared a final dividend of 15.5c per share.
Security company G4S added 0.3% to 261.4p on announcing that it had delivered a 'strong' fourth-quarter performance underpinned by new and existing business wins.
G4S said its revenue was in-line with 'the trends highlighted at the nine-month stage', while profit margins had held up well.
Travel company TUI edged back 0.4% to 329.8p, having booked a deeper first-quarter loss as the global vacation market continues to struggle during the pandemic.
TUI's losses for the three months through December amounted to €813.1 million, compared to year-on-year losses of €105.4 million.
Logistics and residential real estate group St. Modwen Properties ticked up 0.6% to 395p as it swung to a full-year loss, driven by lower revenue and negative asset revaluations.
St. Modwen, however, upped its dividend to 5p per share, citing the strength of its balance sheet and development pipeline.
Advisory and broking group Numis climbed 3.2% to 342.5p on announcing that its revenue had jumped around 50% in the first fourth months of its financial year, buoyed partly by news on Covid-19 vaccines.
Lifestyle brand Joules rallied 7.8% to 172.5p following news that it had acquired Garden Trading, a retailer of home and garden products, for up to £12.5 million in cash and shares.
Construction materials distributor Brickability firmed 3.3% to 68.7p, having upgraded its outlook as 'strong' housebuilding activity lifted demand for its products.
Bicycle and leisure equipment retailer Tandem jumped 8.2% to 557p as it guided for a 'materially higher' annual profit after its margins were boosted by increased enthusiasm for cycling during the pandemic.
Story provided by StockMarketWire.com
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