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FTSE steady amid swings in sterling ahead of no deal vote

Wednesday, 13th March 2019
The FTSE 100 traded a handful of points higher by midday at 7,173.21 amid continuing volatility in sterling ahead of tonight's vote on a potential no deal Brexit.

US futures pointed to a higher open while European markets were also slightly higher.

LARGE AND MID CAP RISERS AND FALLERS

Having traded higher early on supermarket chain Morrisons was 2.6% lower despite posting an 8.6% rise in adjusted profit and declared another special dividend, as its turnaround plan continued to gain transaction.

Wealth manager Standard Life Aberdeen rose 2.9%, as it booked a 19% improvement in annual profit, after lower revenue was more than offset by gains from an asset sale and cost cutting.

Dixons Carphone shed 0.5% to 132p on revealing that it was fined £29.1m by UK authorities for its device insurance policies.

Hikma Pharmaceuticals shed 3.8% to £15.90, despite swinging to an annual profit, after it warned of a potential fall in 2019 generics revenue due to 'continued price erosion'.

Takeover target Provident Financial surrendered earlier gains to trade modestly lower as it swung to an annual profit and resumed dividend payments, after a drop in bad loan charges offset a fall in revenue.

London Southend Airport owner Stobart Group gained 2.9% to 159p on announcing that it would cut its dividend as it put more cash aside to invest in its business.

Construction company Balfour Beatty gained 1% to 290p as it boosted annual profit on the back of improved margins.

SMALL CAP RISERS AND FALLERS

Isle of Man telecom company Manx Telecom jumped 14.5% to 214.7p on news that it had agreed to be acquired by Basalt Infrastructure Partners for £255.9m.

Cybersecurity provider Avast fell 4.7% after it announced the departure of chief executive Vince Steckler, who would leave at the end of June. He would be replaced by consumer business head Ondrej Vlcek.

Partners on an Alaskan oil well which ultimately proved disappointing fell heavily. Pantheon Resources dived 27.7% to 20.5p, 88 Energy fell 37.7% to 0.82p and Red Emperor plunged 84.2% to 0.8p.

Story provided by StockMarketWire.com


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