CSP.L Share News (CSP)

LONDON (Alliance News) - Stocks opened up in the red on Wednesday in London, with Bunzl shares sliding in the large-cap index and iron ore miners also losing out. The FTSE 100 was down 17.33 points, or 0.2%, at 7,455.26.The FTSE 250 was 13.53 points lower, or 0.1%, at 19,909.99, but the AIM All-Share was up 0.2% at 953.34.The Cboe UK 100 index was down 0.1% at 12,663. The Cboe UK 250 was marginally lower at 17489.06, and the Cboe UK Small Companies was marginally higher at 11,413.32.In European equities, the CAC 40 in Paris and the DAX 30 in Frankfurt were up 0.1% and down 0.1% in early dealings.In the economic calendar locally on Wednesday, UK producer prices and consumer prices figures are delivered at 0930 BST.Ahead of the inflation data, the pound was quoted at USD1.3062, up from USD1.3050 late Tuesday.The clear loser in the FTSE 100 was distribution firm Bunzl, falling 13%, as it reported a 4% rise in first-quarter revenue, though the figure climbed 2.5% excluding foreign exchange movements. Underlying growth was 1.5%."Mixed" macroeconomic conditions, however, have led to the slowdown in underlying growth, Bunzl said, in particular in North America, which grew 1% for the quarter. Underlying growth in Continental Europe, the UK & Ireland, and Rest of the World combined was 2%.Bunzl also announced it is buying Netherlands-based specialist packaging firm Coolpack for an undisclosed sum. Coolpack had revenue of EUR4 million in 2018.Miner BHP Group fell 2.6% as it reduced annual iron ore production guidance after a cyclone affected its operations, as it reported third-quarter production results.For the nine months ended March, iron ore production remained flat at 175 million tonnes. Copper production fell 3% to 1.25 million tonnes.In coal, metallurgical coal and energy coal production both remained unchanged at 31 million tonnes and 20 million tonnes, respectively.BHP reduced its iron ore guidance for 2019 to between 235 million tonnes and 239 million tonnes from between 241 and 250 million tonnes previously.This was after the firm was forced to reduce output forecast following the disruption caused by Cyclone Veronica in March. In financial 2018, iron ore production was 238.4 million tonnes.Rio Tinto, which cut its own iron ore guidance Tuesday for the same reason, was down 2.5%, suffering a ratings cut to Hold from Buy by Investec. Ferrexpo, the FTSE 250 iron ore pellet maker, was 4.3% down. Antofagasta was 0.1% higher despite Bernstein cutting the Chilean miner's rating to Market Perform from Outperform. FTSE 100 property developer SEGRO was 1.1% lower as it reported a solid first quarter performance, with GBP21.2 million of new headline rent secured, though down from GBP27.3 million year-on-year.Vacancies have fallen to 4.4% from 5.2%, SEGRO said, while on the investment front SEGRO continues to expect investment in developments to exceed GBP600 million in 2019.In the midcaps, hospital operator Mediclinic International rose 8.7% as it said its Swiss unit Hirslanden has met full-year expectations in the 12 months to March, with revenue in the business rising 2.5% from GBP558.7 million.Inpatient admissions for Hirslanden rose 3.8%, but revenue per admission dipped 2.2%, and Mediclinic said the performance reflects clinical treatments migrating to outpatient rather than inpatient tariffs.Hirslanden's earnings before interest, taxes, depreciation, and amortisation margin declined to 16.0% from 18.3%, Mediclinic said, as expected.Looking ahead, the unit can expect "modest" revenue growth in Mediclinic's new year ending March 2020, with the outpatient migration programme to continue. It has guided for an Ebitda margin of around 15%.Elsewhere, South African revenue rose 5% year-on-year, while in the Middle East it climbed 7%.Medicilinic first quarter group revenue rose 3.5% constant currency, but Ebitda fell 1.5%.Countryside Properties rose 4.6%, with the firm on track to meet expectations for its year ending September.In the first half ended March, Countryside's completions rose 43% year-on-year to 2,362 homes, though the average selling price did dip 4%.Reservations are at the top end of its target range, Countryside said, while its forward order book is strong and has 49% higher than it was a year prior, standing at GBP1.04 billion. Net debt is also "better than expected".Countryside also said Chief Operating Officer Becky Worthington has departed, with no information over a succession plan provided.Energy services firm Hunting fell 1.7% despite saying it has started 2019 well, with underlying Ebitda in the first three months of 2019 around USD35.0 million, in line with targets. Overall, revenue and profit growth registered in the last quarter of 2018 has continued.Hunting Titan has growth revenue in the first quarter of 2019 on the prior three months, but margins have fallen due to increased competition.The US and Asia-Pacific have beaten expectations, Hunting said, but Canada's volumes and margins have been hit by "extremely cold weather" during the first three months of 2019.Hunting is positive on the outlook for 2019, due in part to a higher oil price leading to an uptick in activity in the sector.Losing out was Telecom Plus, down 3.0%, as it said adjusted pretax profit for its year ended March will be towards the bottom of previous guidance at around GBP56 million from GBP54.3 million a year ago, hit by a warm winter and the energy tariff cap.Telecom Plus is encouraged by the profit outlook for its new financial year, and has guided for an adjusted pretax profit of between GBP60 million and GBP65 million for 2020 financial year, with its dividend set to rise 10% to 57 pence a share.For its recently ended year, Telecom Plus will be paying a dividend of 52p, up 4% year-on-year.Housebuilder Galliford Try was 2.8% lower, continuing Tuesday's losses, after losing 21% following a profit warning as it scales back its construction business. China's economy grew 6.4% in the first quarter of 2019, holding steady from the last quarter of 2018, official data showed Wednesday.The data beat analysts' expectations of a 6.3% growth in the first quarter.Financial indicators in March had suggested the government's efforts to shore up the slowing economy were starting to take hold.Exports jumped 14.2% year-on-year in March, after a serious contraction in February.China's economy grew 6.6% last year - its slowest pace in almost three decades - due to pressure from a trade war with the US and rising government debt.Chinese Premier Li Keqiang last month set a 6% to 6.5% economic growth target for 2019, citing "rising uncertainties" facing the world's second-largest economy.The Japanese Nikkei 225 index ended up 0.3%. In China, the Shanghai Composite ended 0.3% higher, while the Hang Seng index in Hong Kong is slightly higher.In the US on Tuesday, Wall Street ended higher, with the Dow Jones Industrial Average closing up 0.3%, the S&P 500 0.1% higher, and the Nasdaq Composite up 0.3%.Elsewhere on the data calendar Wednesday, eurozone current account data is released at 0900 BST with trade balance and consumer price index figures at 1000 BST.In the US, trade balance data is printed at 1330 BST after mortgage applications figures are released at 1200 BST.