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FTSE enjoys strong finish, US stocks dip
StockMarketWire.com
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The FTSE 100 closed out the day with solid gains despite US stocks falling on another rise in bond yields, demonstrating lingering concern over inflation and a rise in interest rates.
By the end of the trading day the FTSE was up 0.5% to 6,772.12 and by 4.30pm UK time the US S&P 500 had dipped 0.3% to 3,958.98.
Delivery group Royal Mail rose 2% to 520p on announcing that it would pay a one-off special dividend of 10p per share.
Royal Mail also said its GLS international logistics unit was expected to more than double its operating profit to €500 million over five years.
From the 2020 financial year to the 2025 financial year, GLS also was expected to grow revenue at a compound annual growth rate of around 12%, from €3.61 billion, Royal Mail said.
Tobacco company Imperial Brands shed 1.3% to £14.93 after it stuck to annual operating profit forecasts, first delivered in November, for low-to-mid single digit growth.
Imperial Brands said it was benefiting from rising tobacco prices and improved performance in next-generation products, including vaping.
Power utility SSE fell 1.8% to £14.31, having reiterated annual earnings guidance after a worse-than-expected impact from weather conditions was offset by a smaller-than-expected hit from Covid-19.
SSE reaffirmed its guidance for adjusted earnings per share in the year through March of between 85p and 90p.
Water utility Pennon dropped 2.7% to 965.8p on announcing that it was continuing to narrow down potential investment opportunities, having recently reaped £3.7 billion from the sale of Viridor.
Pennon reiterated that it may return a substantial amount of capital to shareholders, should it not find an attractive investment target.
Student accommodation developer Unite firmed 0.7% to £10.78 after itsbold a portfolio of eight properties for £133 million to Aventicum Real Estate.
The disposal portfolio, comprising 2,284 beds included assets in Coventry, Wolverhampton, Birmingham, Exeter and Manchester.
Specialist brick manufacturer Michelmersh Brick added 4.2% to 141.7p even as it booked a 17% fall in annual profit after the Covid-19 pandemic slowed construction activity and disrupted manufacturing operations.
Michelmersh Brick, however, more than doubled its dividend, citing a strong cash position.
Investment bank and broker Numis gained 2.6% to 389.5p on guiding for a more than 75% jump in first-half revenue.
Packaging company MPAC fell 7.6% to 505p after it reported a 46% fall in annual profit as the pandemic hit sales, though it said demand rebounded in the second half.
Story provided by StockMarketWire.com
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