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FTSE falls as Brexit uncertainty continues

Wednesday, 16th January 2019
The FTSE 100 was down 0.5% amid ongoing uncertainty over Brexit following a big defeat for Theresa May's proposed deal in the House of Commons last night.

US futures are currently pointing to a slightly higher open when Wall Street resumes trading later this afternoon.

LARGE AND MID CAP RISERS AND FALLERS

Education group Pearson fell 7.5% to 903.6p as it narrowed its annual earnings guidance to around the midpoint of the previous range and tipped an improved performance in 2019.

Pearson also upgraded its cost savings guidance, though its underlying sales in 2018 slipped 1%. Its shares had rallied strongly over the past 12 months.

Reckitt Benckiser shed 2.9% to £60.72 on news that chief executive Rakesh Kapoor intended retire by the end of 2019 after more than eight years at the helm of the consumer goods giant.

House builder Bovis Homes gained 4.6% to 969p on announcing that it expected annual profits to be slightly ahead of market expectations amid a 'significant step-up' in operating margins.

Cinema chain Cineworld softened 4.6% to 263.8p amid investor disappointment with a 7.2% rise in annual revenue recorded amid a strong US film slate.

Tullow Oil lost 2.6% to 195p as it forecast a 4% rise in annual revenue, after meeting the top end of its production guidance amid higher oil prices.

Technical-product supplier Diploma said it had poached Compass Group finance director Johnny Thomson as its chief executive, while also reporting 9% rise in first-quarter sales. Its shares reversed 1.3% to £12.51.

SMALL CAP RISERS AND FALLERS

Small cap oil and gas play Reabold Resources shed 4.7% to 0.67p on news that an exploration well in the UK North Sea, of which it held a non-operating interest, had failed to find hydrocarbons.

Cake-maker Finsbury Food slumped 11.4% to 82.4p as its first-half sales declined 3.5% in a 'difficult macro environment' marked by rising ingredient costs.


Story provided by StockMarketWire.com


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