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Weaker oil majors hold FTSE back

Thursday, 9th August 2018
The FTSE 100 remained in negative territory as oil majors BP and Royal Dutch Shell failed to bounce back from earlier weakness.

BP retreated 2.1% to 564.4p and Shell declined 1.8% to £26.04.

The blue-chip index was 0.4% lower at 7,741.

Brent crude oil slipped 0.1% to $72.22 per barrel and copper climbed 1.3% to $2.78 per pound.

Ahead of US inflation data on Friday, Wall Street was subdued with the S&P 500 gaining only 1.9 points to 2,859 around 4:45pm UK time.

MID AND LARGE CAP RISERS AND FALLERS

TUI struggled with turbulence after earnings before interest, tax and amortisation dived 18% to €193.4m in the quarter to 30 June as people enjoyed more staycations and the World Cup instead of overseas holidays. Shares in TUI fell 2.5% to £15.42.

Greetings card retailer Card Factory blamed a tough UK trading environment and the hot weather for lower profitability, prompting a downgrade in profit forecasts and the stock to shed 10.8% to 188.1p.

Cinema chain Cineworld gained 7.2% to 296.3p as sales and profit soared, supported by the $5.8bn acquisition of US cinema giant Regal Entertainment.

Shares at security specialist G4S went in the opposite direction on declining sales and profit in the six months to 30 June. The shares fell 7.8% to 260.1p.

Miner BHP Billiton was broadly unmoved at £17.20 after reaching a $50m settlement with a group of shareholders concerning the Samarco dam failure in Brazil in 2015.

Soft drink bottler Coca-Cola HBC was flat at £27.58 despite higher pre-tax profits as investors focused on flat sales at €3.2bn in the first half of 2018.

Steel producer Evraz revealed pre-tax profits catapulted from $294m to $1.54bn, but this failed to fuel the share price at 560.4p.

Real estate company Savills declined 4% to 829.5p as concerns over the UK housing market and lower profits overshadowed a 2% rise in sales to £727.8m.

SMALL CAP RISERS AND FALLERS

Support solutions supplier Pennant International announced it has been provisionally selected for a training equipment contract that could be worth between £25m and £30m. Shares in Pennant rallied 13% to 107.3p.

Ascent Resources revealed its required permits will be processed by Slovenian authorities within the next two months, allowing it to construct a processing plant and triggering a 140% surge to 0.9p.


Story provided by StockMarketWire.com

Related Shares: Card Factory, Cineworld, G4s, Tui Ag

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