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FTSE 100 in a funk as sentiment turns and sterling advances
StockMarketWire.com
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The FTSE 100 saw losses deepen by lunchtime on Thursday as the positive sentiment from earlier in the week waned and sterling continued to make gains against the dollar and the euro.
By midday the index was down 0.8% to 6,654.57 with US futures markets indicating a modest slump when trading resumes later on.
Medical technology company Smith & Nephew fell 5.1% to £14.87 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 dipped 0.1% to 157.8p 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, though the company did resume dividend payments and announced a share buyback.
Price comparison website MoneySuperMarket.com was up 8% to 289.7p 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 1.5% to 146.7p.
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.
Story provided by StockMarketWire.com
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