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FTSE flat as IMF cuts growth forecasts

Wednesday, 10th October 2018
Lowered global growth forecasts from the International Monetary Fund helps depress investor sentiment on Wednesday although the FTSE 100 recovered some ground after mixed UK GDP figures.

By lunchtime the index of UK shares was trading broadly flat at 7,236.49.

LARGE AND MID CAP RISERS AND FALLERS

Recruitment firm PageGroup was flat at 545.5p, paring earlier gains on news it expected to post annual profit 'marginally' head of market expectations, after a strong offshore showing offset weaker growth in the UK.

Pub group and brewer Marston's shed 2.6% to 98.6p after it predicted a modest rise in full year profit, as 15% growth in revenue was offset by higher interest charges.

In a shock development, cafe chain Patisserie Holdings said it had suspended chief financial officer Chris Marsh and commenced an investigation into potentially fraudulent accounting irregularities. Its shares were suspended from trading.

Energy utility SSE, meanwhile, welcomed a finding by the UK's anti-trust regulator that a planned merger of it and Innogy's Npower retail businesses didn't raise concerns. SSE shares ticked up 0.8% to £11.44.

Hollywood Bowl pleased with a 'robust' full year performance thanks to increased consumer spending on entertainment and news that the board is considering returning additional cash to shareholders. The shares traded 4.2% better to 209.6p.

SMALL CAP RISERS AND FALLERS

Vertu Motors slid 4.1% to 39.3p after it kept its dividend flat amid falling profits in a tough market for car dealers.

Luxury furniture retailer Walker Greenbank dropped 2% to 73.05p as it posted an 8.8% fall in first-half profit, after sales slipped in a 'difficult marketplace'.

Genel Energy rose 3.7% to 254.1p on a prediction that production would be slightly ahead of guidance, as output from its Peshkabir field in Iraq exceeded expectations

Industrial technology supplier Sanderson climbed 2.6% to 85.7p after it said it expected to post full year results 'slightly' ahead of market expectations.

Women's online fashion retailer Sosandar gained 9.9% to 40p as it said it expected to book a large rise in sales in the first half, while margins would also improve.


Story provided by StockMarketWire.com


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