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FTSE retreats as sterling rises ahead of EU summit

Wednesday, 10th April 2019
The FTSE 100 dipped into negative territory at 7,421 as sterling strengthened ahead of a vital meeting of EU leaders where they will consider whether to grant the UK a delay for Brexit.

US equities were subdued with the Dow Jones falling 16.9 points to 26,133 at around 4:45pm UK time.

Brent crude oil rose 1.1% to $71.37 per barrel.

LARGE AND MID CAP RISERS AND FALLERS

Shares in security company G4S rallied 19.7% to 221p after Garda World said it is considering making a takeover offer for the business.

Tesco gained 3.6% after the supermarket giant beat expectations with a 29% jump in annual profit to £1.67bn and almost doubled its dividend.

Pharmaceutical company Indivior crashed 71.6% after it was charged with criminal offenses in the US including mail, wire and health fraud. The company denied the allegations. Former parent company Reckitt Benckiser fell 6.5%.

Rolls-Royce fell 1.1% on revealing that it would start inspecting Trent 1000 TEN aircraft engines, after blade deterioration was identified in a 'small population' of the products.

Stagecoach reversed 9.3% after it was disqualified by the UK government from three rail franchise competitions because it had submitting non-compliant bids mostly related to pensions risk.

Homewares retailer Dunelm advanced 2.9% after it upgraded its profit outlook, thanks to a stronger market and the closure of its Worldstores businesses.

Online retailer ASOS rose 7.8% as the company stuck to its annual sales and margin guidance, while posting an expected slump in first-half profit owing to investment spending.

Fashion retailer Ted Baker gained 1.2% on news that it had agreed to form a joint venture for the Chinese market with Shanghai LongShang Trading Company.

AstraZeneca dipped 0.5% after it and partner Merck gained European regulatory approval for a breast cancer treatment.

Retirement home developer and manager McCarthy & Stone advanced 0.9% despite posting a 66% drop in first-half profit, after rising revenue was offset by restructuring costs.

Recruitment company PageGroup gained 5.4% on the back of an 11% rise in first-quarter gross profit, driven by strong growth in overseas markets.

SMALL CAP RISERS AND FALLERS

Cosmetics retailer Warpaint London shed 0.4% after it booked a 32% fall in annual profit, hurt by acquisition-related and impairment expenses.


Story provided by StockMarketWire.com


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