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Oil recovery lifts FTSE from its lows
StockMarketWire.com
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A rebound in oil prices after a container ship blocked the Suez Canal helped lift the FTSE 100 off its lows on Wednesday. By midday the index was down 0.3% at 6,681.10 having earlier traded as low as 6,649.37.
Earlier it was announced that he UK consumer price index rose 0.4% in February, missing expectations of a 0.8% increase.
IT group Softcat jumped 17.5% to £18.32, having posted a 41% rise in first-half profit and upgraded its annual guidance after it grew its customer base and trimmed costs.
Softcat declared an interim dividend of 6.4p per share, up 19% year-on-year, and said it expected a full-year result 'significantly ahead' of its previous expectations.
Housebuilder Bellway fell 2.3% to £34.13 after it reported a fall in first-half profit owing to lower margins.
On a more positive note, Bellway reinstated its dividend, at 35p per share, while citing a more upbeat outlook for the full year.
Safety equipment products maker Halma climbed 1.9% to £23.48 as it lifted its outlook on annual adjusted profit thanks to a further recovery in China.
Halma's adjusted pre-tax profit for the 2021 financial year was expected to be similar year-on-year, compared to prior guidance of an around 5% fall.
Technical products supplier Diploma rose 0.8% to £25.56 on announcing that it had seen strong first-half performance that beat its expectations, driven by a boost from acquisitions and cost cuts.
Diploma's underlying revenue for the six months through March was expected to be in line year-on-year, with reported revenue up 27% thanks to acquisitions and margins at the upper end of guidance.
Auto dealer Pendragon reversed 4.9% to 17.5p, having posted a consecutive full-year loss after sales were dented by the pandemic.
Pendragon's pre-tax losses for the year through December amounted to £29.6 million, compared to year-on-year losses of £114.1 million, as sales skidded 35% to £2.92 billion.
Investment trust Baillie Gifford Japan Trust shed 1.7% to £10.81, even as it reported a positive first-half performance underpinned by a rally in shares of SoftBank, Outsourcing, Sumitomo Metal Mining and MonotaRO.
In the six months to 28 February 2021, Baillie Gifford Japan's net asset value total return per share rose 20.4%, compared with an 11.0% increase in the TOPIX total return.
Specialist leather goods producer Pittards fell 6.6% to 45.8p after it posted a full-year loss, though it broke even in the second half amid signs of a recovery in demand.
Pittard's pre-tax losses for the year through December amounted to £2.3 million, compared to a year-on-year profit of £0.6 million, as sales slumped 32% to £15.2 million.
Story provided by StockMarketWire.com
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