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FTSE 100 holds on to gains as US futures point to higher open

Tuesday, 14th May 2019
The FTSE 100 was up 0.8% by midday as US futures pointed to a recovery on Wall Street after yesterday saw the worst session for stocks across the Atlantic since January.

Investors appear to be clinging to hopes that despite the more aggressive rhetoric between the US and China a deal between the two countries on trade will eventually be reached.

LARGE AND MID CAP RISERS AND FALLERS

Vodafone was steady, despite cutting its dividend and swinging deep into the red, owing to a loss on the sale of its Indian unit and asset impairments.

The telecom giant also booked a modest 0.3% rise in organic services revenue.

Greggs jumped 14.1% after it reported skyrocketing sales, underpinned by the launch of its vegan-friendly sausage rolls.

Pubs firm Ei Group gained 4.9% as it reported a slight rise in first half profit and unveiled plans to buy back a further £30m worth of its own shares.

Standard Life Aberdeen advanced 1.2% after announcing that its assets under management and advice rose by 3% in the March quarter, helped by positive market movements.

Engineer Renishaw dropped 5.8% as it downgraded its annual guidance amid a 19% fall in profit in the first nine months of its financial year.

Services company for seniors Saga gained 2.2% on announcing that it had commenced sea trials of its first purpose-built cruise ship.

Travel company On the Beach Group fell 1.6% after it disappointed investors with a 22% rise in first-half profit and warned of pressure on demand owing to Brexit uncertainty.

Support services group DCC reported a rise in annual profits as acquisitions helped generate 'very strong' growth in its natural gas division. Its shares were up 3%.

Engineer Spirax-Sarco gained 4.7% to £84.05 after completing the £139m acquisition of Thermocoax yesterday afternoon.

SMALL CAP RISERS AND FALLERS

Premier Foods swung to a full-year loss after a modest rise in revenue was more than offset by pension charges, restructuring costs and a writedown in the value of its Sharwoods and Saxa brands. Its shares were flat.

Stock Spirits dipped 1.3% as it swung to a first-half profit after it sold higher volumes of vodka, rum and whiskey in Poland and the Czech Republic.


Story provided by StockMarketWire.com


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