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UK stocks edge lower as inflation fears persist
StockMarketWire.com
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UK stocks fell modestly in early trade on Monday as optimism about the pace of Covid-19 vaccine rollouts continues to be tempered by inflation fears.
At 0826, the benchmark FTSE 100 index was down 7.19 points, or 0.1%, at 7,036.42.
Technical products and services provider Diploma rallied 6.4% to £29.26, having upgraded its annual outlook thanks to a boost from acquisitions, particularly WCW, and improved underlying trading.
Diploma's annual revenue was now expected to be slightly better than 40% ahead of the 2020 financial year, with an increase in its margin towards 19%.
Low-cost carrier Ryanair rose 0.8% to 16.99c even as it swung to a €815 million full-year loss after the pandemic hammered global travel markets.
Ryanair said that while it was impossible to provide meaningful guidance, it was cautiously eyeing a return to breakeven this year, assuming a successful vaccine rollout across Europe.
GlaxoSmtihKline eased back 0.2% to £13.674 after it and French partner Sanofi said their experimental Covid-19 vaccine had shown a 'strong' rates of immune response.
The two companies were moving to a phase-three trial that would enrol more than 35,000 participants and, if the trial was successful, were targeting vaccine approval in the fourth quarter of 2021.
Home builder Vistry added 2.2% to £13.24, having upgraded its annual earnings guidance amid a rise in sales rates and home completions.
Vistry's adjusted pre-tax profit for the year through December was now expected to be around £325 million, up from previous guidance of at least £310 million.
Russia-focused gold miner Petropavlovsk firmed 2.9% to 25.92p despite swinging to a full-year loss after rising revenue, helped by a strong gold price, was offset by mine writedowns and finance costs.
Petropavlovsk said it was targeting completion of a full management restructuring by the end of the second quarter of 2021.
Customer relationship software provider Cerillion jumped 6.6% to 650p after it raised its interim dividend as new business wins helped its first-half adjusted profit more than double.
Cerillion declared an interim dividend 2.1p per share, up 20% year-on-year.
Ten-pin bowling alley group Hollywood Bowl firmed 1.3% to 239.5p, even as it swung to a first-half loss after it was forced to close its business temporarily due to the pandemic.
Hollywood Bowl said it was confident demand would bounce back, ahead of a further lifting of UK Covid-19 restrictions on 17 May.
Sustainable fuels company Velocys reversed 5.1% to 5.22p, having booked a full-year loss as it continued to develop projects in the UK and US.
Tungsten miner W Resources slumped 9.5% to 8.37p on announcing a £2.5 million raising at 8p per share to lower the water level at its La Parrilla mine in Spain and regain access to higher-grade ore. Story provided by StockMarketWire.com
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