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FTSE falls amid declining oil majors

Thursday, 9th August 2018
Weakness in oil majors BP and Royal Dutch Shell, as well as several stocks going ex-dividend, dragged the FTSE 100 into the red, leaving the index trading 0.7% lower at 7,724 around midday.

Shell slipped 1.5% to £26.12 and BP declined 1.3% to 569.4p.

Brent crude oil was stable at $72.30 per barrel.

MID AND LARGE CAP RISERS AND FALLERS

TUI struggled with turbulence after earnings before interest, tax and amortisation dived 18% to €193.4m in the quarter to 30 June as people enjoyed more staycations and the World Cup instead of overseas holidays. Shares in TUI fell 7% to £14.71.

Greetings card retailer Card Factory blamed a tough UK trading environment and the hot weather for lower profitability, prompting a downgrade in profit forecasts and the stock to shed 9.5% to 190.6p.

Cinema chain Cineworld gained 7.8% to 298p as sales and profit soared, supported by the $5.8bn acquisitions of US cinema giant Regal Entertainment.

Shares at security specialist G4S went in the opposite direction on declining sales and profit in the six months to 30 June. The stock fell 8.8% to 257.2p.

Miner BHP Billiton was broadly unmoved at £17.30 after reaching a $50m settlement with a group of shareholders concerning the Samarco dam failure in Brazil in 2015.

Soft drink bottler Coca-Cola HBC was down 0.8% at £27.27 despite higher pre-tax profits as investors focused on flat sales at €3.2bn in the first half of 2018.

Steel producer Evraz revealed pre-tax profits catapulted from $294m to $1.54bn, but this was anticipated by the market as the shares advanced only 1% to 562.4p.

Real estate company Savills declined 5.3% to 818p as concerns over the UK housing market and lower profits overshadowed a 2% rise in sales to £727.8m.

SMALL CAP RISERS AND FALLERS

Support solutions supplier Pennant International announced it has been provisionally selected for a training equipment contract that could be worth between £25m and £30m. Shares in Pennant rallied 12.7% to 107.1p.


Story provided by StockMarketWire.com


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