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FTSE 100 finishes flat weighed down by resources stocks
StockMarketWire.com
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Despite gains for US and European markets the FTSE 100 finished flat on Wednesday as it was dragged lower by resources stocks amid slumping iron ore prices.
The index closed down 4.74 points at 6,725.60 while by 4.30pm UK time the S&P 500 was up 0.7% to 3,901.80.
BHP fell 2.7% to £21.41 and Rio Tinto fell 2.8% to £56.57.
In corporate news, insurance group Legal & General shed 0.1% to 281.6p, 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 6.1% to £72.62 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 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 9.3% to 150.2p 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 2.6% to £13.56 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 0.6% to 353p, 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 7.4% to 51p 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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