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Banking sector weighs on FTSE 100 as inflation fears ease
StockMarketWire.com
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The FTSE 100 was down 0.3% to 6,705.16 by lunchtime as receding fears over inflation, and therefore the prospects for any associated interest rate rise, hit the banking sector with HSBC falling 5.3%.
Lower interest rates for longer would have negative implications for banks' profitability
Morrisons has seen pre-tax profits fall more than 60% in 2020, with a £290 million hit relating to 'Covid costs', despite a rise in sales and revenue for the high street supermarket chain. Its shares ticked up 0.3% to 177.55p
Rolls Royce has said its performance in 2020 has been 'significantly affected by the Covid-19 pandemic' as it reported a fall in revenue to £11.8 billion. It advanced 0.7% to 113.9p.
WPP has said it had a 'remarkably resilient' 2020 as it reported a 9.3% fall in revenue to £12 billion. It advanced 2.4% to 933.4p.
Drug companies GlaxoSmithKline GSK and Vir Biotechnology said they would seek authorisation in the US and other countries for their Covid-19 antibody after late-stage clinical trials showed the drug reduced hospitalisation and risk of death by 85% and was effective against other variants. GSK's share price fell 0.9% to £12.53.
Online trading platform IG reported better-than-expected third-quarter performance and said it was on track to achieve its three-year revenue target in its significant opportunities portfolio by year-end, one year ahead of the target. Its share price rose 5% to 851.5p.
Revenue at Spirent Communications was up 4% in 2020, boosted by strong demand for both lab and live assurance solutions and our new 5G device testing solutions and services. Its share price rose 7.6% on the back of the news, reaching 255p.
The Trainline has reported a fall in net ticket sales to £783 million, equivalent to 21% of the prior year, as the measures put in place to curb the spread of coronavirus resulted in a significant reduction in passenger volume. In spite of the falls in ticket sales, the company's share price rose 1.6% to 488.2p
Real Estate company Derwent London swung to annual loss as the value of its property portfolio owing to the impact of Covid-19 lockdowns. For the year ended 31 December 2020, pre-tax loss was £83.0 million compared to a profit of £280.6 million in 2019, while net property and other income rose to £183 million from £182.6 million. Its share price fell slightly to £32.94.
Marshalls has reinstated its dividends after a progressive growth in sales in the second half of 2020. The company has recommended a final dividend of 4.30p as sales in the fourth quarter of 2020 ended ahead of the same period the year prior. The announcement resulted in a share price surge of 7.6% to 751.1p.
Bus company Go Ahead upgraded its full-year guidance after its London & International bus business secured all its expected revenue for the current year following successful contract bidding. The share price was up 5.3% to £13.51.
Story provided by StockMarketWire.com
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