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FTSE 100 loses ground but just holds above 7,000
StockMarketWire.com
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The FTSE 100 dipped a little as the afternoon wore on as sterling gained ground against the dollar, closing down 0.3% at 7,000.08.
A stronger pound hits the relative value of the overseas earnings which dominate the index. Sentiment also wasn't helped by a weaker open on Wall Street as Covid-19 concerns mount again.
By 4.30pm UK time the S&P 500 was down 0.5% to 4,163.67.
Engineering group Melrose Industries fell 4.6% to 170.6p, having agreed to sell its Nortek Air Management business to Chicago-based Madison Industries for around £2.62 billion ($3.625 billion).
Melrose Industries said a portion of the proceeds would be returned to shareholders, without specifying how much. It also intended to use them to cut debt and contribute around £100 million to pension schemes.
Oil and gas company Energean fell 5.1% to 813p after it reported a widening of annual pre-tax losses amid lower energy prices.
Energean said it would target a maiden dividend in 2022.
Mining group Polymetal International dipped 0.1% to £15.55 on announcing an initial ore estimate for the Buranny area of the Tomtor niobium and rare-earth metals project in Yakutia, Russia.
Polymetal said the estimate, by ThreeArc Mining, made Tomtor one of the top-three rare earths projects globally by reserves.
Healthcare investor Syncona gained 0.2% to 243.5p amid news that portfolio company Gyroscope Therapeutics had filed a registration statement for an initial public offering in the US.
Gyroscope was a clinical-stage gene therapy company focused on treating diseases of the eye.
Building insulation group Kingspan climbed 2.6% after it reported a 24% rise in first-quarter sales, led by strength in mainland Europe, and said its outlook for the second quarter was positive.
Specialist wealth manager Mattioli Woods gained 4.1% to 760p as it acquired Caledonia Asset Management for up to £1.6 million..
Property company LondonMetric Property rose 0.5% to 222.6p after it collected 98% of the March quarterly and monthly rents, with a further 0.8% expected 'imminently.'
Story provided by StockMarketWire.com
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