Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBerendsen Share News (BRSN)

  • There is currently no data for BRSN

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Britain's FTSE retreats, though robust results boost Barclays

Thu, 27th Oct 2016 09:31

(ADVISORY- Follow European and UK stock markets in real time onthe Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets)

* FTSE 100 down 0.2 pct

* Barlcays top gainer after results

* Though Amec Foster Wheeler, Berendsen weigh on midcaps

By Kit Rees

LONDON, Oct 27 (Reuters) - British shares fell on Thursdayin a choppy session as earnings updates weighed on midcaps,though Barclays rose on a robust set of third-quarter results.

The blue-chip FTSE 100 index was down 0.2 percent at6,941.99 points by 0917 GMT, while the more domestically-focusedFTSE 25 slipped 0.9 percent.

The FTSE 100 retreated after upbeat UK GDP data showed thatBritain's economy was resilient in the period following the UKreferendum to leave the European Union, prompting a rise insterling and sending UK bond yields to a post-Brexit high.

"A stronger-than-expected GDP figure from the UK ... doesfuel the story that the Bank of England won't have to act anytime soon to actually prop up the economy, because it seems tobe doing fairly well," Jonathan Roy, advisory investment managerat Charles Hanover Investments, said.

"If we see a strengthening in the pound, that's likely totake the shine off some of these multinational companies thathave rallied on expectations of higher profits on a weakerpound."

Barclays, however, was the top riser on FTSE 100,up 1.7 percent after its third quarter results beat forecasts.

The lender posted a rise in third quarter profits to 1.7billion pounds ($2.08 billion), helped by an improvement in itsinvestment banking division.

"Barclays still has work to do, but there's an increasingamount of light at the end of the tunnel," Laith Khalaf, senioranalyst at Hargreaves Lansdown, said in a note.

"However despite the bank's international exposure, it isstill vulnerable to poor economic conditions in the UK, so if wedo get a Brexit-induced slowdown, Barclays will feel the burn."

Barratt Developments fell more than 6 percent aftertrading ex-dividend, while BT dropped 3.4 percent afterits own update.

The British midcaps underperformed their blue-chip peersafter disappointing results weighed on shares in Amec FosterWheeler and Berendsen.

Oil services firm Amec Foster Wheeler slumped more than 18percent, heading for its worst day in almost a year aftercancelling its capital markets day and posting weak salesfigures.

Commercial laundry company Berendsen tumbled nearly17 percent on a profit warning.

This follows profit warnings from fellow midcaps Cobham, Keller and Senior over the past week.

"This earnings season isn't shaping up to be particularlygreat for medium-cap companies. They are the ones that arefeeling the pinch of Brexit that's been demonstrated in recentsets of earnings," Charles Hanover Investments' Roy said. (Reporting by Kit Rees; Editing by Andrew Heavens)

More News
26 Feb 2016 12:35

Berendsen profit and revenue slip but divi lifted

(ShareCast News) - Berendsen said 2015 pre-tax profit and revenue dropped on the back of adverse currency movements, as the pound strengthened against the currencies in which the group operates in Continental Europe. For the year to the end of December, statutory pre-tax profit slipped £113.4 from £

Read more
26 Feb 2016 07:52

Currency Drags On Berendsen Profit And Revenue But Dividend Raised

Read more
19 Feb 2016 16:09

Earnings, Trading Statements Calendar - Week Ahead

Read more
12 Feb 2016 12:07

LONDON MARKET MIDDAY: Shares Rebound As Rolls Relief Helps Sentiment

Read more
12 Feb 2016 10:38

WINNERS & LOSERS SUMMARY: Investor Relief As Rolls-Royce Keeps Outlook

Read more
13 Jan 2016 09:48

BROKER RATINGS SUMMARY: JPMorgan Gives Unilever Double Upgrade

Read more
19 Nov 2015 15:12

DIRECTOR DEALINGS: Berendsen Chief Executive Buys 10,000 Shares

Read more
19 Nov 2015 08:29

Berendsen Says Strong Underlying Progress, But Taking Currency Hit

Read more
12 Nov 2015 16:35

Earnings, Trading Statements Calendar - Week Ahead

Read more
4 Nov 2015 17:22

Berendsen Managing Director, Facility Sells 72,101 Shares

Read more
23 Oct 2015 15:14

Earnings, Trading Statements Calendar - Week Ahead

Read more
12 Oct 2015 14:37

Monday broker round-up

(ShareCast News) - Kaz Minerals: Goldman Sachs downgrades to sell, cuts target price to 110.00p. Darty: Liberum Capital starts new coverage with a buy, sets target price at 100.00p. Avon Rubber: N+1 Singer downgrades to hold, raises target price to 1040.00p. Berendsen: RBC Capital Markets upgrades

Read more
2 Oct 2015 15:11

Dividends Calendar - Week Ahead

Read more
24 Sep 2015 15:23

DIRECTOR DEALINGS: Connected Person Of Berendsen Executive Sells

Read more
21 Sep 2015 09:55

Dunedin Income Growth Underperforms FTSE All Share In Half Year

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.