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FTSE claws back some ground by lunchtime

Tuesday, 9th July 2019
At midday the FTSE 100 was up a handful points, recovering from earlier losses, amid continuing Brexit-related pressure on sterling.

Industrial group Melrose fell 7.2% following negative news from the automotive sector which is a big customer for its GKN business.

LARGE AND MID CAP RISERS AND FALLERS

Online grocery retailer Ocado gained 10.3%, despite booking a deeper first-half loss partly owing to a fire at its Andover distribution centre in the UK. The company also booked an 11% rise in sales.

Software group Micro Focus International shed 0.2% after its first-half revenue slipped 7%. The company stuck to its full-year guidance for a fall of 4-6%.

Housebuilder Bovis Homes dipped 0.2% as it reported higher sales rates and selling prices in the first half.

Listed residential landlord Grainger advanced 0.8% on news that it had agreed to forward fund a 146-home development in Canning Town, London for about £62m.

Sports Direct was unchanged as it declared its £52m bid for video game company Game Digital unconditional after it was accepted by more than half of the target's shareholders. Game Digital fell 0.3%.

Animal-drug developer Dechra Pharmaceutical gained 1.1% on reporting an 18% rise in annual revenue in a trading update.

Recruitment company Robert Walters added 0.8% as its net fee income rose by 7% in the second quarter, owing to growth overseas offsetting weakness in the UK.

SMALL CAP RISERS AND FALLERS

Industrial chain supplier Renold sank 23.1% after it admitted to identifying accounting mistakes in previous results that led to an overstatement of profits. The company has consequently delayed its annual general meeting.

Trafalgar Property slumped 37% after it revealed that it had failed to secure funding needed to acquire an assisted living development site Camberley.

Story provided by StockMarketWire.com


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