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FTSE 100 flat amid fears over worsening Covid situation in India
StockMarketWire.com
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The FTSE 100 was flat by midday at 6,937.34 as investors weighed the escalating Covid crisis in India against a strong showing for Asian shares overnight.
Sentiment, however, was at least being partly bolstered by some earnings upgrades from local mid- and small-cap companies.
Educational publishing and services group Pearson gained 2.1% to 817.4p as its first-quarter sales grew 5% year-on-year, underpinned by online learning.
Pearson stuck to its previous annual guidance.
Publishing and events group Informa rose 1.4% to 557.8p following news that it had joined up with private equity firm Inflexion to acquire financial intelligence group Novantas.
Informa would contribute its existing FBX business, which had assets valued at $243 million, as consideration for the acquisition, and would end up owing 57% of the combined business.
Ingredients supplier Tate & Lyle rallied 6.6% to 806.8p, on confirming media speculation that it was mulling a potential separation of its food & beverage and primary products businesses.
Tate & Lyle said the separation may be done vie a sale of a controlling stake in the primary products business to a new long-term financial partner.
Engineering company IMI advanced 5.5% to £14.74, having upgraded its annual earnings guidance amid a strong first-quarter performance owing to improving trends across major end markets.
IMI was now expecting 2021 adjusted earnings per share of 81p-to-87p, up from 75p-to-82p prior.
Fashion retailer Superdry shed 1.7% to 282p on announcing the appointment of Peter Sjolander as its chairman, to replace Peter Williams.
Sjolander was chief of executive of fashion brand Helly Hansen between 2007 and 2015 and had since held senior advisory and non-executive roles, including working with private equity funds.
Polling and data company YouGov added 0.6% to £10.207 following news it had acquired open banking start-up Lean App, allowing it to add financial transaction data to its products and services.
Lean App had been acquired on a three year earn-out 'tied to enriching and expanding YouGov's data in the UK and US', the company said, without giving specific numbers.
Recruitment and training group Staffline leapt 15% to 79.8p as its first-quarter underlying profit more than doubled, beating expectations and putting it on track to exceed its forecasts for the full year.
Digital transformation consultancy The Panoply rallied 8.8% to 273p on announcing that annual trading was 'strong' and ahead of its recently upgraded expectations.
Business consultancy Mind Gym firmed 3.9% to 135p after it said it expected to either breakeven or post a modest annual underlying profit -- its revenue having fallen by less than it had feared.
Going in the opposite direction was infection control product group Tristel, which sank 12% to 590p, having downgraded its annual profit guidance.
Tristel blamed lower-than-expected sales amid lower demand for patient examinations during the pandemic, and a rise in its cost base.
Oil company United Oil & Gas fell 1.9% to 5.1p even as it swung to a full-year profit, albeit modest, and raised its annual output guidance for 2021.
Cleaning company React jumped 15% to 2.94p after it won a material contract to supply reactive cleaning and decontamination services to 'one of the world's leading facility management companies'.
Story provided by StockMarketWire.com
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