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FTSE 100 continues to be dogged by mining sector weakness
StockMarketWire.com
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Weakness in the mining sector amid slumping iron ore prices saw the FTSE 100 underperform other European markets on Wednesday. By midday the index was down 0.3% to 6,710.18.
BHP fell 3.3% to £21.28 and Rio Tinto fell 3% to £56.45.
In corporate news, insurance group Legal & General shed 0.4% to 280.9p, having reported a 15% fall in annual profit driven by pandemic-related claims.
Legal & General held its dividend steady at 17.57p per share.
Food delivery service Just Eat Takeway gained 4.1% to £71.22 as it posted a deeper annual loss of €147 million after a rise in revenue was offset by higher spending.
On a positive note, Just Eat forecast a further acceleration in order growth in 2021 amid high demand for deliveries during the pandemic.
Thermal energy and heat pumping specialist Spirax‐Sarco Engineering rallied 3.5% to £114.25 as it posted a small rise in annual profit and lifted its dividend, after trading improved in the fourth quarter.
Pre-tax profit for the year through December edged up 1% to £240.1 million and Spirax‐Sarco declared a full-year dividend of 118.0p per share, up 7% year-on-year.
Wagamama owner Restaurant Group gained 2.6% to 113.2p, despite it posting a £127.6 million annual loss and launching a £175 million equity raising as Covid lockdowns continue to hammer the dining sector.
The new shares were being offered at 100p each, an 11% discount to Restaurant Group's closing price on Tuesday. The company said the equity, along with a recent debt raising, would help it ride out the pandemic.
Wealth manager Quilter, which was recently spun out of Old Mutual, gained 7.8% to 158p having nudged up its final dividend after it posted a fall in adjusted earnings that nevertheless beat market expectations.
Quilter declared a final dividend of 3.6p per share, up from 3.5p year-on-year, though at 4.6p, its dividend for the full year was lower than the previous year's 5.2p.
Infrastructure-focused engineering company Hill & Smith climbed 1.7% to £13.44 as it, too, upped its dividend, despite its profit falling, amid expectations of a recovery in 2021.
Hill & Smith declared a final dividend of 17.5p , taking the total dividend for the year to 26.7p, up from 10p year-on-year.
Concrete levelling technology group Somero Enterprises dipped 2.1% to 347.5p, despite it reporting a 9% fall in annual profit after the pandemic disrupted some construction projects, though it saw a recovery in the second half.
Somero Enterprises declared an ordinary dividend of £0.1681 per share, down 10% year-on-year, but it more than doubled its supplementary payout to $0.181, up from $0.077.
Photo booth and children's rides group Photo-Me slumped 8.7% to 50.3p as it swung to a full-year loss and scrapped its dividend after the pandemic 'severely' hurt many of its business units.
On a more positive note, Photo-Me said its laundry business had posted a more resilient performance.
Story provided by StockMarketWire.com
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