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UK stocks fall despite Brexit extension

Thursday, 11th April 2019
UK stocks are slipping on Thursday as further political uncertainty is expected despite Wednesday's confirmation of a Brexit extension until Halloween, a longer extension than Theresa May had wanted.

At 08:58, the benchmark FTSE 100 was down 0.46%, or 33.90 points, at 7,338.01.

Wealth manager Man Group added 0.71% after it reported an increase in funds under management as a rebound in global markets since the turn of the year bolstered its investments offsetting fund outflows.

DIY Group Grafton Group climbed 2.02% after it conditionally agreed to acquire Polvo from the privately owned Pallieter Group for €131m on a debt and cash free basis.

But WH Smith edged 0.094% lower even after it hiked its dividend 8% for the six months to February 2019 amid the company's confidence in its future prospects, the business' strong cash generative nature and the positive full-year outlook.

Fresnillo also fell, losing 2.46%, as it said its first-quarter production came in "slightly" below its expectations, but kept its full-year guidance unchanged as output was expected to improve in the second half.

Ted Baker, meanwhile, edged 0.67% higher after it said it had appointed Lindsay Page as the company's Chief Executive Officer with immediate effect. This came as it announced that the investigation into allegations on founder Ray Kelvin's conduct and the company's HR policies had found "areas for improvement".

Sports Direct added 0.35% as it announced it intended to start a new share buyback programme from 11 April up to and including 26 April with the aim of reducing the company's share capital.

Underlying earnings per share were in line with expectations, with higher operating costs in its US business offset by lower finance costs, National Grid said in an update to its technical guidance for 2018/2019. The stock fell 1.28%.

Diurnal Group climbed 1.96% after it said it planned to submit a marketing application to the European Medicines Agency for a treatment for congenital adrenal hyperplasia in the fourth quarter of this year.

Clinical development services group hVIVO slumped 5.26% after it reported wider annual losses as asset writedowns offset an increase in revenues.

Christie Group slipped 0.15% after it said a "significant" improvement in the performance of its international operations helped boost profits despite the impact of Brexit uncertainty.

Healthcare company Syncona rose 0.97% after it announced its companies, Gyroscope Therapeutics and Orbit Biomedical, would merge to create the first fully integrated retinal gene therapy platform with clinical, delivery and manufacturing capabilities.

Avesoro Resources dropped 8% even as it maintained its annual output guidance despite reporting gold production fell by more than a third in the first quarter.

Specialist filtration and environmental technology Group Porvair slipped 0.37% after it said it had made a "good start" to its 2019 financial year with revenue growth of 18% in the four months to 31 March and Group profits in line with expectations.

CyanConnode climbed 4.39% as it confirmed that trading for the first quarter of the year was in line with market expectations.


Story provided by StockMarketWire.com


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