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FTSE 100 stages afternoon recovery

Wednesday, 8th May 2019
The FTSE 100 closed up 0.1%, despite apparent official confirmation of new US tariffs on Chinese goods, as the index was in part supported by weaker sterling.

The pound fell on reports cross-party talks aimed at securing a Brexit deal were close to collapse.

Media firm Informa was up 3.4% on positive comment from analysts at investment bank Bank of America Merrill Lynch.

LARGE AND MID CAP RISERS AND FALLERS

Imperial Brands slipped 6.3% after the tobacco company reported a slight gain in first-half profits, buoyed by ongoing growth in its vaping division, though there are signs its next generation products are struggling to gain traction in the US.

Television broadcaster ITV reversed 6.1% on reporting a 4% drop in quarterly revenue owing to weak advertising markets.

Pub group JD Wetherspoon fell 4.4%, despite reporting a 7.6% rise in like-for-like sales for the first four months of the year.

The company also reiterated its annual guidance for a flat trading performance amid mounting costs.

Builders merchant and DIY group Travis Perkins rallied 3.4% as its sales rose 5.4% in the first quarter, putting it on track to meet its expectations for the full year.

Insurance company Direct Line shed 1.7% on the back of a fall in first-quarter premium revenue.

Building materials supplier SIG gained 0.4% after it announced that its sales slipped in the first four months of the year, though margins had improved as it narrowed its focus.

Sub-prime lender Provident Financial dipped 0.6% on confirming that large shareholder Schroders, with a 14.6% stake in the company, had decided to reject Non-Standard Finance's hostile takeover bid.

SMALL CAP RISERS AND FALLERS

Auto retailer Vertu Motors gained 8.3%, as a 17% fall in its annual profit still beat the company's own expectations.

Quadrise Fuels gained 3% after it forged a non-binding agreement with Hawazin Regional Trading Company to developer its alternative fuel products in Kuwait.


Story provided by StockMarketWire.com


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