FTSE propped up by Banks as overseas earners lag

  • Tue 10 Sep 2019 12:34

    UK stocks continued to drift on Tuesday after opening modestly lower following weak Chinese producer price data which sparked a fall on Asian exchanges.

    The pound gained slightly against the US dollar after MPs voted down prime minister Johnson's second attempt to call a snap general election.

    At midday the benchmark FTSE 100 index was down 21 points or 0.3% at 7,215.

    LARGE-CAP MOVERS

    Banks were the leading gainers on the FTSE with Barclays climbing 5.6% to 148p after increasing its provisions for payment protection insurance (PPI) mis-selling by slightly less than the market expected.

    Royal Bank of Scotland and Lloyds Banking Group followed suit, gaining 3.9% and 3.6% respectively to 199p and 52p.

    JD Sports was another strong performer adding 4.4% to 660p after its first-half operating profits rose and it forecast a full-year performance at the top end of its guidance range, excluding an adjustment for new accounting standards.

    Like-for-like sales in the sportswear retailer's UK and Ireland operations rose by more than 10%. They climbed 5% at its relatively-new US business.

    Companies with big overseas earnings such as Compass, Experian and Rentokil were the major losers, shedding 2.8%, 3.7% and 4% respectively.

    Equipment hire company Ashtead, which books most of its revenues and profits in the US, also fell 2.4% to £22.30 even as it reported a rise in first-quarter profit and touted further stock buybacks.

    MID- AND SMALL-CAP MOVERS

    Cairn Energy gained 6.4% to 189p as it swung to a first-half profit and upgraded its annual production guidance.

    Micro-cap disease and allergy test-kit supplier Omega Diagnostics rallied 6.5% to 12p on announcing that it had received a second purchase order from a new partner in China.

    Recycling company Renewi added 1.5% to 31p after it agreed to sell its Reym industrial cleaning business to the Remondis for €64m (£57m) including debt.

    Video games developer Team17 fell 0.9% to 2993p even as it almost doubled its revenue thanks to new games releases, including 'Genesis Alpha One' and 'My Time at Portia'.

    The company also said its release scheduled meant revenue would be weighted to the first half.

    Trust and fund administration service provider Sanne fell 3.3% to 553p as it booked a 50% fall in first-half profit owing to one-off expenses and a contraction in margins.

    Bovis Homes fell 5.6% to 999p after it announced that it was mulling a bid for smaller rival Galliford Try's housing business. Galliford Try jumped 8% to 667p.

    Online gambling operator 888 sank 7.7% to 156p on reporting a sharp fall in profit, which it pinned on higher costs and lower poker and business-to-business revenue.

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Ashtead Group (AHT)

2,338.00p -6.00p (-0.26%) delayed 17:51PM
Price delayed by 15 minutes.

Barclays (BARC)

156.62p +7.92p (+5.33%) delayed 17:30PM
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Cairn Energy (CNE)

192.00p +6.10p (+3.28%) delayed 18:29PM
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Rentokil Initial (RTO)

435.90p -7.00p (-1.58%) delayed 18:45PM
Price delayed by 15 minutes.