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Cocktail of risks sours FTSE 100 performance

Friday, 9th August 2019
A combination of economic and political risks in Italy, Asia the US and UK helped heap pressure on global equity markets on Friday. The FTSE 100 was not exempt, despite some support from weaker sterling, falling 0.4% to 7,253.85.

The subdued sentiment saw the US S&P 500 slip 1.1% to 2,904.27 by 4.30pm UK time.

LARGE AND MID CAP RISERS AND FALLERS

Advertising giant WPP rallied 7.5% to 983.6p, even as it booked a 44% slide in first-half profit, owing to shrinking margins and a one-off gain in the previous year.

The company also stuck to its full-year guidance, including for a 1.5% to 2% fall in adjusted revenue.

Gambling company William Hill rose 6.3% to 156p, despite posting a first-half loss owing, in part, to a UK regulatory cap on bet sizes.

The company also showed signs of positive progress in the budding US market, where its market share in states that had legalised gambling climbed to 27%.

Security company G4S gained 1.3% to 186.1p after it reported an increase in half-yearly profits and said it was planning to separate its cash solution business from the group.

Hikma Pharmaceuticals rallied 5.9% to £19.50 after the generic drugs maker upped its annual outlook on the back of successful new product launches.

Rival pharmaceutical company AstraZeneca added 1.3% to £74, on announcing positive results from a clinical trial for its metastatic non-small cell lung cancer drug, which had 'significantly' improved survival rates.

Travel group On the Beach sank 14.4% to 383p as it warned on profits, thanks to a weaker pound, owing to no-deal Brexit fears, increasing its costs.

Co-work and workspace brands operator IWG gained 1.8% to 418.2p as it agreed to sell its Taiwanese operations to TKP as part of franchise deal for £22.7m.

SMALL CAP RISERS AND FALLERS

Training system supplier to the defence and security sectors Pennant International tumbled 27.1% to 56.5p as it warned of full-year results materially below market expectations, due to contract delays.

Property development finance provider Urban Exposure fell 2% to 49p on revealing that an individual employee's IT account had been hacked.

The company said it did 'not believe that this will have a material impact on the business going forward'. The employee was not in a managerial role, it added.


Story provided by StockMarketWire.com


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