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Banks keep FTSE in the red

Tuesday, 27th September 2016
Financial stocks kept the blue chip index in negative territory as Royal Bank of Scotland (RBS) and Standard Chartered (STAN) slumped by over 5%.

Aviva (AV.) and Standard Life (SL.) also slid into the red.

West Texas Intermediate (WTI) and Brent crude oil continued to fall throughout the day, with falls of over 3%. WTI was at $44.37 and Brent crude oil stood at $45.75 per barrel, respectively.

Gold cheapened 0.8% to $1,328 per ounce and copper fell 1% to $4,784 per tonne.

Retail sales volumes fell in the year to September after last month's increase according to the Confederation of British Industry's latest survey.

The US Conference Board Consumer Confidence Index continued its upward momentum in September, with a reading of 104.1.


Plumbing products specialist Wolseley (WOS) declined 3.3% to £42.42 after warning about 'uncertainty in the economic outlook' in its prelims. It announced 800 job cuts in its UK business as part of an overhaul to increase its competitiveness.

Travel agent Thomas Cook (TCG) failed to take off as a pre-close update revealed earnings will hit forecasts. The company predicted strong demand for most of its destinations apart from Turkey. Shares in the company slumped 4.4% to 69.8p.


Budget greetings cards provider Card Factory (CARD) was flat on interims demonstrating further sales and profit growth despite softer high street footfall. Investors raised a glass to the announcement that the retailer will return £51.1 million to shareholders via a special dividend, on top of a hike in the dividend to 2.8p.

Merchant bank Close Brothers (CBG) was in the red as investors focused on warnings of 'more challenging conditions' instead of a 4% increase in full year pre-tax profit.


Cancer drug discovery firm Sareum (SAR) soared 125.2% to 1.48p after announcing the CRT Pioneer Fund licensed exclusive and worldwide rights for the Chk1 inhibitor cancer drug candidate CCT245737 to ProNAi Therapeutics.

Drug discovery firm Redx Pharma (REDX) received a boost after discovering a series of compounds with the potential to create the first novel class of broad spectrum antibiotics in 30 years.

GCM (GCM) rubbished media rumours, stating the government of Bangladesh has made no decision over whether its Barapukuria coal mining company should adopt the high coal production open pit mining method. The market was reassured, pushing the share price 35.1% higher.

Online fashion retailer (BOO) nudged higher as the company lifted its sales guidance for the third time in three months. Boohoo said it expects revenue growth for the full year of 30-35%, but investors were concerned over a modest decline in margins.

Digital audio channels outfit Immedia (IME) climbed 21% to 37.5p after confirming a three year contract with a major UK retailer. It said more information about the contract will be announced when client confidentiality is lifted.

Mobile app distributor Cellcast (CLTV) fell 14.8% as pre-tax profit declined three-fold from £256,000 to £78,000 as demand in the core interactive broadcast sector continued to decline.

Communications service provider Alternative Networks (AN.) disappointed investors on expectations of lower adjusted EBITDA for the year to 30 September, after new business performance declined following the Brexit vote.

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