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FTSE 100 loses ground but still just in the black, Vodafone slumps
StockMarketWire.com
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The FTSE 100 closed the day up a modest 1.39 points at 7,034.24, after earlier making more significant progress. In the US the S&P 500 was flat by 4.30pm UK time at 4,159.45.
Telecom giant Vodafone slumped 8.2% to 130p, having reported a fall in annual underlying earnings after weaker roaming demand due to travel restrictions weighed on sales.
Vodafone's adjusted earnings before interest, tax, deprecation and amortisation fell 1.2% to €14.39 billion as revenue slipped 2.6% to €43.81 billion. The company held its dividend steady at 9c per share.
Looking forward, Vodafone forecast improved underlying EBTIDA for the current financial year of between €15.0 billion and €15.4 billion.
Tobacco titan Imperial Brands rose 1.6% to £16.16 on reporting a jump in first-half profit thanks to strong tobacco pricing and reduced losses from next-generation products including e-cigarettes.
Imperial Brands declared an interim dividend of 42.12p per share, up 1% year-on-year.
Insurance company Phoenix fell 1% to 722.4p after it said it was in advanced discussions about a possible sale of its European businesses, confirming media speculation of a deal.
Enterprise software group Micro Focus rallied 7.6% to 506.8p as it notched better-than-expected sales and margins in the first half, citing a strong licence revenue performance and cost cutting.
Micro Focus's revenue for the six months through April was now expected to fall by just 5%, with an adjusted operating margin of about 36%.
Meat producer Cranswick fattened 7.8% to £40.02 after it hiked its annual dividend by 16% to 70p per share, on the back of a 10% rise in annual profit boosted by a new poultry production facility.
Cranswick also announced that executive chairman Martin Davey would retire on 26 July.
Gene and cell therapy group Oxford Biomedica was also buoying sentiment, jumping 10.4% to £11.06 as it upgraded its annual earnings guidance after AstraZeneca increased the size of an order for Covid-19 vaccines.
Oxford Biomedica was now expecting 'significant growth' in annual operating earnings, with cumulative revenues from AstraZeneca now anticipated at more than £100 million.
Soft drinks maker Britvic rallied 3.4% to 950.6p, having reinstated its dividend, at 6.5p per share, even after its first-half profit fell.
Britvic said it had experienced encouraging trading in the second half as lockdowns ease.
Promotional products marketing company 4imprint climbed 10.7% to £25.45 on reporting an 'encouraging performance,' with order intake in April rising above 80% of 2019 levels.
Footwear retailer Shoe Zone sank 8.1% to 68p as it posted a first-half loss after revenue was hurt by pandemic-related store closures.
Story provided by StockMarketWire.com
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