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FTSE higher as investors digest potential rate cuts

Friday, 21st June 2019
UK stocks continued to nudge higher on Friday as investors digested dovish statements from US and UK central banks this week that pointed to potential interest rate cuts.

At 1150 the benchmark FTSE 100 index was up 7.18 points, or 0.1%, at 7,431.62.

LARGE AND MID CAP RISERS AND FALLERS

Sports Direct dropped 2% to 280p as it insisted that small football pitch operator Goals Soccer Centres allow it to appoint an independent investigator to peruse its books.

The sportswear retailer, which owns 19% of Goals, also said that it would vote against the election of the company's directors at its annual general meeting later this month.

Shares in Goals, which has admitted to accounting irregularities, are currently suspended from trading.

Health, safety and environmental equipment designer Halma was down 0.2% to £20.24 after it announced a deal to buy Australasian fire and evacuation systems supplier Ampac for A$135m (£74m).

Component and systems supplier Meggitt fell 0.9% to 520p, despite it securing a contract from General Dynamics Land Systems to develop an advanced cooling system for next-generation ground combat platforms.

Online travel ticket issuer Trainline has had a strong debut on the London Stock exchange, with its shares trading around 416p, well above their IPO price of 350p.

Advertising company S4 Capital added 1.8% to 169p as it announced that its MediaMonks unit had agreed to acquire Australian marketing company BizTech, for an undisclosed sum.

Compound semiconductor technology developer IQE slumped 30.3% to 50p after it warned of weakening revenues, as smartphones sales and ongoing fallout from US sanctions on Huawei drag on the wider microchips industry.

SMALL CAP RISERS AND FALLERS

Recruitment company Prime People advanced 12.8% to 92p as it more than doubled its annual profit, after a jump in revenue in its Asia Pacific division offset more subdued conditions at home.

Gold and copper explorer SolGold rallied 22.6% to 35p on news that a an Ecuadorean court had rejected a petition that would have allowed a possible referendum on banning mining in Imbabura province, the location of its Casbal project.

Nanomaterials manufacturer Nanoco tumbled 71.8% to 9.2p after a key customer in the US decided not to continue a current contract with the company ending this year.

Security services company Westminster jumped 19.5% to 12.3p on announcing that it had agreed to form a joint venture in Saudi Arabia with Hazar International.

Specialist long-term savings provider Hansard Global gained 5.4% to 45.3p after it secured a licence to operate in Japan.

Out-of-home advertising company Ocean Outdoor rose 1.3% to 8p after announcing that it was rolling out a new billboard digital network in Birmingham.


Story provided by StockMarketWire.com


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