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Optimism wanes as FTSE slides towards the close

Friday, 2nd November 2018
The FTSE 100 reversed its gains on Friday afternoon as US stocks fell sharply after a solid open on Wall Street.

A strong US jobs report brought investor attention back to the possibility of faster-than-expected rate increases from the US Federal Reverse.

The S&P 500 was down 0.8% at 2,718.33 around 4.30pm UK time while the FTSE 100 was down more than 0.2% and below the 7,100 mark approaching the close

Among the mid caps, engineering firm Senior fell 7.2% to 258.4p as Barclays trimmed its price target from 350p to 310p.

LARGE AND MID CAP RISERS AND FALLERS

Gambling company Paddy Power Betfair advanced 1.2% to £69.95 as it slightly upgraded its annual guidance, after a strong sales performance in its new US business in the third quarter offset weakness in UK retail and Australia.

British Airways-owner International Consolidated Airlines dipped 0.5% to 615p amid the market weakness and despite bumping up its long-term earnings outlook for 2019-to-2023 to €7.2bn a year, up from previous guidance of €6.5bn.

Barclays ticked up 0.4% to 176.3p on confirmation that former Rothschild deputy chairman Nigel Higgins would replace John McFarlane as the bank's chairman.

Broking house TP ICAP gained 3.1% to 297.3p as it reported 1% growth in revenue for the fourth months through October and said it had acquired energy and commodities brokerage Axiom for up to $29.1m.

Software company Sage Group gained 3.2% to 567.4p on announcing that it had appointed chief operating officer and former chief financial officer Steve Hare permanently to the role of chief executive.

Defence and aerospace engineering group Ultra Electronics sold its airport systems business to ADB Safegate for £22m because it had little in common with the rest of its business. Ultra shares were flat at £14.30.

SMALL CAP RISERS AND FALLERS

Recruitment consultancy Parity tumbled 27.4% to 7.15p after it warned its full year profit would fall short of expectations, partly due to a delayed contract that was now expected to be downsized.


Story provided by StockMarketWire.com


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