FTSE firmer on positive Vodafone, ITV updates

  • Tue 12 Nov 2019 11:54

    UK stocks traded higher on Tuesday, buoyed by positive earnings and sales updates from the likes of telecom giant Vodafone, television broadcaster ITV and Mr Kipling cakes make Premier Foods.

    At 11.47, the benchmark FTSE 100 index was up 25.3 points, or 0.35%, at 7,353.84.

    LARGE AND MID CAP RISERS AND FALLERS

    Vodafone rose 2.3% to 163.9p, even as it booked a first-half loss owing to an adverse court ruling in India.

    The company also upgraded its adjusted earnings guidance for the full year as sales inched higher, supported by gains in South Africa, Spain and Italy.

    Television broadcast ITV firmed 1.8% to 138.35p after its third-quarter advertising revenue came in at the top end of its guidance range, supported by popular new shows.

    Flexible power supplier Aggreko added 3.4% to trade at 824.4p after announcing that it was on track to hit its capital return targets in 2020, despite revenue slipping in the nine months through September.

    Marketing services group DCC shed 3.3% to £71.28 on announcing that its health and beauty unit had acquired Ion Laboratories for $60m, boosting its offering in the US.

    Pharmaceuticals group AstraZeneca edged 1p higher to £72.49, having announced that its lupus drug had shown superior results compared with a placebo in a clinical trial.

    Industrial and electrical products distributor Electrocomponents dropped 11% to 628.4p after it reported a fall in half-yearly profit, as revenue growth was offset by asset write-downs following the collapse of British Steel.

    Defence, aerospace and energy market component supplier Meggitt fell 1% to 623.2p, despite upgrading its annual revenue guidance. The company also warned that its operating margin would be at the lower end of its previous guidance range.

    Elsewhere, science tools marker Oxford Instruments advanced 6% to £14.56 on the back of a 55% rise in first-half profit, driven by higher sales and an increase in the value of currency derivatives.

    SMALL CAP RISERS AND FALLERS

    Premier Foods rallied 8% to 36p as it swung to a first-half profit amid higher sales of Mr Kipling cakes and Nissin pot noodles.

    The company did not pay a dividend as it continued to focus on debt reduction, though recently-appointed chief executive Alex Whitehouse said it may start to see options for 'cash deployment' in future.

    Online real estate portal OnTheMarket rose 4.4% to 72p as it signed a listing agreement with house builder Persimmon.


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Electrocomponents (ECM)

658.00 0.00 (0.00%) delayed 18:29PM
Price delayed by 15 minutes.

ITV (ITV)

143.07 0.00 (0.00%) delayed 18:29PM
Price delayed by 15 minutes.

Oxford Instruments (OXIG)

1,524.00 0.00 (0.00%) delayed 17:30PM
Price delayed by 15 minutes.

Premier Foods (PFD)

39.00 0.00 (0.00%) delayed 17:30PM
Price delayed by 15 minutes.

Vodafone Group (VOD)

143.86 0.00 (0.00%) delayed 18:45PM
Price delayed by 15 minutes.