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FTSE 100 opens lower as UK growth slips; Burberry pleases
StockMarketWire.com
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The FTSE 100 opened down by 26 points on Friday morning, as data showed the economy shrank in January, weighed down by a slump in trading activity with the EU.
The UK economy shrank by 2.9% in January, somewhat lower than the 4.9% drop many were anticipating, whilst UK imports and exports both fell by 19.3% in January
Yesterday, the FTSE 100 finished up around 11 points, despite hits to pharma-giant AstraZeneca, recovering in the afternoon what was lost in the morning after a sharp uptick at opening, closing in positive territory.
Homembuilder Berkeley said it remained on track to deliver annual profit similar to last year's, in line with guidance, as market fundamentals remained 'strong' supported by low interest rates and an undersupply of homes.
Sportswear retailer JD Sports Fashion said it had struck a conditional agreement to acquire 60% of Poland-based Marketing Investment Group S.A. in an effort to expand into Central and Eastern Europe.
Luxury fashion brand Burberry said it expected annual adjusted operating profit to top market expectations and higher comparable store sales as the strong rebound in performance since December had continued.
Property company Land Securities said that chief financial officer designate Vanessa Simms would take up the CFO role on 1 June.
Thermal processing services provider Bodycote swung to an annual loss as restructuring costs and a pandemic-led decline in revenue weighed on performance.
TransGlobe Energy has reported a net loss of $77.4 million (£55.5 million), a result of a 32% drop in petroleum and natural gas sales.
Critical components maker and services provider Avingtrans said it had completed the sale of Peter Brotherhood to Howden for £35.0 million. Story provided by StockMarketWire.com
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