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FTSE 100 slump continues after high inflation figures
StockMarketWire.com
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The FTSE 100 opened almost 38 points down at 6,710.90 this morning, continuing its slump from yesterday on the back of higher-than-expected inflation figures.
Medical technology company Smith & Nephew fell 6.1% to £14.72 as it reported a 42% fall in trading profits as consequences of the pandemic lead to a decreased revenue across the group as well as lower gross margins.
Hays rose 1.2% to 159.9p despite reporting a sharp fall in first-half profit. The recruitment company vowed to resume its dividend payments later this year in August, citing a stronger recovery in the second quarter.
Barclays fell 1.5% to 152.1p as profit was hit by £4.8 billion in bad loan provisions.
Price comparison website MoneySuperMarket.com remained stable at 268.32p following a slump in profits in 2020 fuelled by the impact of Coronavirus and lockdowns in the UK. Profits at the company fell 27% to £69.3 million, from £94.9 million in 2019.
Drugmaker Indivior swung to a loss in 2020 as revenue slipped amid competition from generic drugs to treat opioid dependence. For the year ended 31 December, the company reported a pre-tax loss $173 million, compared with a profit of $180 million year-on-year as revenue slipped to $647 million. Its share price sunk 2.58% to 145.15p.
Property investment trust Primary Health Properties has seen positive growth across its balance sheet, driven by a year of strong demand and improved management structure. Its share price remained stable at 148.60p on the back of the announcement.
Carnival's P&O Cruises Australia said it had extended its rolling pause on sailings departing from Australia on or before 18 June, 2021. It's share price dipped slightly following the news, to £13.95.
Real estate company Grainger said that Robert Hudson would be appointed as its next chief financial officer. Story provided by StockMarketWire.com
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