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Sell-off in FTSE 100 accelerates amid renewed bond jittters
StockMarketWire.com
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A return to volatility in the bond markets helped put the FTSE 100 firmly on the back foot by midday, down 1% to 6,605.87.
Investors are concerned inflationary pressures could run out of control as we emerge from the pandemic, with a planned big stimulus package in the US expected to help spur rising prices.
Insurance company Aviva reported a fall in annual profit owing to the impact of Covid-19 and a fall in gross written premiums.
For the year ended 31 December 2020, pre-tax profit fell to £2.57 billion from £3.82 million year-on-year as gross premiums fell to £29.02 billion from £29.71 billion. In spite of the news, its share price rose 2.6% to 393.1p as it announced an exit from its Italian business, the latest in a series of disposals.
Admiral, meanwhile, reported that annual profit rose by a fifth as claims frequency fell as people drove less during lockdowns. For 2020, pre-tax profit rose to £637.6 million from £522.6 million as turnover grew 2% to £3.55 billion. Its share price, however, fell 2.6% to £30.65.
Coats reported a fall in annual profit owing to the impact of the pandemic, but the thread manufacturer reinstated its dividend, citing an 'encouraging' recovery. For the year ended 31 December 2020, pre-tax profit fell $79.6 million from $166.8 million as revenue slipped 16% to $1.16 billion. Its share price surrendered earlier gains to trade 1.7% lower at 62.8p.
Defence company Chemring said performance since the onset of the current financial year had been as expected for both its sectors, though flagged a potential drag on performance from a stronger pound. This saw its share price drop 1.6% to 274.5p.
Order intake in the period to 28 February 2021 was £128 million, down from £132 million, with a book to bill ratio slipping to 127% from 125%. The company said its expected 2021 revenue was now 89%
Molten metal flow engineering and technology company, Vesuvius, has seen a £252.1 million fall in revenues as a result of the Covid-19 crisis. The group's revenue for the year to December 31, 2020, stands at £1,458.3 million, down from £1,710.4 million in 2019. The news had a significant impact on its share price, which tumbled 8.1% to 506.50p.
Elsewhere, Schroders has seen a small increase in pre-tax profits, rising to £702.3 million in 2020 from £701.2 million the year prior, although its share price fell 3.3% to £34.72. The asset manager recorded £42.5 billion in net inflows and assets under management increased by 15%, up from £500.2 billion in 2019, to a record high of £574.4 billion.
Variety goods value retailer B&M European Value Retail's share price fell 3.1% to 527.2p despite upgrading its outlook on performance as revenue and margin remained 'strong' year to date.
The company now expects EBITDA, a measure of underlying business performance, for FY21 to be in the range of £590 million to £620 million, up from the previous range announced on 7 January 2021 of £540 million to £570 million.
Rentokil Initial saw its share price fall 3.3% to 461p, in spite of it reporting a 6.3% rise in ongoing revenue for 2020 and meeting its medium growth target.
Housebuilder Vistry announced an adjusted pre-tax profit of £143.9 million, boosted by strong performance in the second half of 2020 and resumed dividends. The shares advanced 4.7% to 954p.
Story provided by StockMarketWire.com
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