Less Ads, More Data, More Tools Register for FREE

Pin to quick picksDiscoverIE Share News (DSCV)

Share Price Information for DiscoverIE (DSCV)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 676.00
Bid: 675.00
Ask: 684.00
Change: -15.00 (-2.17%)
Spread: 9.00 (1.333%)
Open: 683.00
High: 698.00
Low: 674.00
Prev. Close: 691.00
DSCV Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON MARKET MIDDAY: Cautious trade as focus turns to rate decisions

Wed, 07th Jun 2023 12:18

(Alliance News) - Stock prices in London were mostly lower at midday on Wednesday, though large-cap indices eked out a gain, as investors looked ahead to a busy two weeks for central bank rate decisions.

"Financial markets appear to be taking a breather this week. We are in this period now where the [US] debt ceiling drama has come and gone, and the [Federal Open Market Committee] meeting is not until next week, so markets are just going through the motions in the absence of any major drivers of sentiment," said Tim Waterer, chief market analyst at KCM Trade.

The Fed will announce its next interest rate decision on Wednesday next week. The day after, the European Central Bank will announce its own decision. The Bank of England will follow a week later.

Before then, the Bank of Canada is set to announce its interest rate decision at 1500 BST on Wednesday. The decision will follow on a surprise 25 basis point rate rise from the Reserve Bank of Australia on Tuesday.

The FTSE 100 index was up 9.22 points, or 0.1%, at 7,637.32. The FTSE 250 was down 31.55 points, or 0.2%, at 19,185.67. The AIM All-Share was down just 0.31 of a point at 792.26.

The Cboe UK 100 was up 0.1% at 761.97, the Cboe UK 250 was down 0.1% at 16,748.16, and the Cboe Small Companies was down 0.1% at 13,349.54.

In European equities on Wednesday, the CAC 40 in Paris and the DAX 40 in Frankfurt were both down 0.1%.

In London, housebuilders were among the worst performing stocks in the FTSE 100 at midday.

Persimmon was down 1.4%, Taylor Wimpey down 1.2%, Berkeley down 1.2% and Barratt Developments down 1.1%.

The stocks came under pressure after data from Halifax showed UK house prices saw their first annual decline in over a decade in May.

According to the mortgage lender, average UK house prices were flat in May from April, after declining by 0.4% in April from March.

On an annual basis, however, prices fell 1.0% in May, after edging up 0.1% in April. This marked the first annual decline in house prices since December 2021, when they fell 0.1%.

Russ Mould, investment director at AJ Bell, said that the news shouldn't be a "shock", given the pressures on the UK property market from soaring mortgage costs and weak consumer sentiment, but he added it was nevertheless a "jolt" to see a decline in the market "in black and white".

Associated British Foods was the top blue-chip performer at midday, up 3.9%.

On Tuesday, the food producer and retailer said it struck a GBP48 million deal to acquire Aquis Stock Exchange-listed National Milk Records, strengthening its agriculture arm.

Shares in National Milk Records were untraded at 206.0 pence, below the offer price of 215.00p.

In the FTSE 250, discoverIE jumped 8.0%, making it the index's best performer at midday, as it reported an increase in annual profit and revenue and maintained an optimistic outlook in the face of inflation pressure.

The customised electronics maker posted a pretax profit of GBP29.1 million in the financial year that ended March 31, up 70% from the previous year's GBP17.1 million. Revenue climbed 18% to GBP448.9 million from GBP379.2 million in the prior year.

Looking forward, discoverIE said its order book remained at a higher than expected level, providing visibility of strong demand.

Elsewhere in London, 888 soared 25% after it received backing from an investment vehicle that includes several former board members of Ladbrokes and Coral owner, Entain.

According to a regulatory filing issued on Tuesday, FS Gaming Investments has built a 6.6% stake in 888.

FS Investments is backed by Kenny Alexander, Lee Feldman and Shay Segev. Alexander was formerly chief executive of GVC, now known as Entain.

Analysts at Jefferies said the names are a "blast from gaming past" and added it read the investment as a "positive endorsement" of the 888/William Hill integration opportunity.

On AIM, IOG plunged 42% after the UK-focused developer and producer of offshore gas reported a constrained maximum gas rate at the Blythe H2 well in the North Sea.

In addition, IOG noted its balance sheet is under pressure from the recent pull-back in natural gas prices. IOG said it will attempt "to secure pre-emptive waivers of potential covenant breaches" and agree measures to allow it to weather the period of weaker gas prices.

Stocks in New York were called mostly, but very marginally, lower on Wednesday. The Dow Jones Industrial Average was pointed down 0.1%, the S&P 500 index flat, and the Nasdaq Composite a few points lower.

"With the [US Federal Reserve] in the blackout period and [US consumer price index inflation data] looming, both of which are getting framed with a touch of policy uncertainty ringing in the background, investors appear to have moved into wait-and-watch mode," said Stephen Innes, managing partner at SPI Asset Management.

The dollar was weaker midday Wednesday. The pound was quoted at USD1.2457, higher compared to USD1.2411 at the close on Tuesday. The euro stood at USD1.0710, higher against USD1.0687. Against the yen, the dollar was trading at JPY139.33, lower compared to JPY139.77.

Luca Santos, currency analyst at ACY Securities said the dollar is "struggling to find meaningful short-term direction" with the upcoming Federal Open Market Committee meeting approaching.

"Since Federal Reserve speakers are currently restricted from making public statements, and there are no major US economic indicators to analyse today, the foreign exchange markets might remain relatively stagnant until there is a clearer indication of the prevailing interest rate differentials or overall market sentiment," he explained.

Brent oil was quoted at USD76.99 a barrel at midday in London on Wednesday, up from USD76.40 late Tuesday. Gold was quoted at USD1,963.58 an ounce, higher against USD1,959.55.

By Heather Rydings, Alliance News senior economics reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
7 Jun 2022 15:52

UK earnings, trading statements calendar - next 7 days

Wednesday 8 June  
Aveva Group PLCFull Year Results
Baillie Gifford UK Growth Trust PLCFull Year Results
Evgen Pharma PLCFull Year Results
JPMorgan Indian Investment Trust PLCHalf Year Results
Marks Electrical Group PLCFull Year Results
Nexus Infrastracture PLCHalf Year Results
Integrated Diagnostics Holdings PLCQ1 Results
STM Group PLCFull Year Results
Personal Assets Trust PLCFull Year Results
Ramsdens Holdings PLCHalf Year Results
Urban Logistics REIT PLCFull Year Results
Vp PLCFull Year Results
Wizz Air Holdings PLCFull Year Results
Workspace Group PLCFull Year Results
Thursday 9 June 
Peel Hunt LtdFull Year Results
CMC Markets PLCFull Year Results
British American Tobacco PLCTrading Statement
AVI Global Trust PLCHalf Year Results
Tate & Lyle PLCFull Year Results
Mitie Group PLCFull Year Results
Norcros PLCFull Year Results
Fuller Smith & Turner PLCFull Year Results
TR Property Investment Trust PLCFull Year Results
RWS Holdings PLCHalf Year Results
Friday 10 June 
Industrials REIT LtdFull Year Results
Monday 13 June 
Augmentum Fintech PLCFull Year Results
Molten Ventures PLCFull Year Results
Sirius Real Estate LtdFull Year Results
Tuesday 14 June 
Ashtead Group PLCFull Year Results
Bellway PLCTrading Statement
boohoo Group PLCTrading Statement
CML Microsystems PLCFull Year Results
Crest Nicholson Holdings PLCHalf Year Results
discoverIE Group PLCFull Year Results
Driver Group PLCHalf Year Results
Ferguson PLCQ3 Results
FirstGroup PLCFull Year Results
iomart Group PLCFull Year Results
LoopUp Group PLCTrading Statement
Montanaro UK Smaller Cos Investment Trust PLCFull Year Results
OnTheMarket PLCFull Year Results
Oxford Instruments PLCFull Year Results
Paragon Banking Group PLCHalf Year Results
Renalytix PLCTrading Statement
Vianet Group PLCFull Year Results
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

Read more
14 Apr 2022 08:51

LONDON MARKET OPEN: Investors await ECB; Wizz Air takes off on demand

(Alliance News) - Europe's blue chip benchmarks were searching for direction at the open on Thursday as investors gear up for the latest European Central Bank rate decision.

Read more
14 Apr 2022 07:51

LONDON MARKET PRE-OPEN: National Grid and discoverIE to beat forecasts

(Alliance News) - Stocks in London are set for a cautious open on Thursday to close out the shortened week as all eyes shift to Frankfurt before the Easter break.

Read more
14 Apr 2022 07:18

DiscoverIE FY underlying earnings expected to beat previous guidance

(Sharecast News) - Electronics manufacturer DiscoverIE said on Thursday that trading in the final two months of the year continued to be strong, with the group now expecting to deliver full-year underlying earnings from continuing operations ahead of previous guidance.

Read more
4 Mar 2022 09:41

IN BRIEF: discoverIE to redeploy funds after completing two disposals

discoverIE Group PLC - Guildford, Surrey-based maker of customised electronics, for sectors such as renewables and transport - Completes sale of electronic component distribution business, Acal BFi, to H2 Equity Partners. The GBP50.0 million deal was first announced in early November. It also notes the sale of Vertec SA to its management team, which was announced in October, completed in January. discoverIE says the proceeds will be used to reduce its debt and to "progress the design and manufacturing growth strategy".

Read more
4 Mar 2022 08:00

LONDON MARKET PRE-OPEN: Hammerson loss narrows; Mitie sees scrutiny

(Alliance News) - Stock prices are seen opening lower on Friday after scares of a nuclear disaster in Ukraine following direct shelling of a nuclear power plant, while a business group has downgraded its expectations for UK economic growth this year.

Read more
25 Feb 2022 11:13

IN BRIEF: discoverIE director buys GBP87,000 in shares

discoverIE Group PLC - FTSE-250 listed maker of customised electronics, for sectors such as renewables and transport - Non-executive Director Bruce Thompson buys 11,000 shares at GBP7.94 each, worth GBP87,340, on Wednesday.

Read more
9 Feb 2022 09:39

discoverIE lifts guidance amid strong trading and record order book

discoverIE lifts guidance amid strong trading and record order book

Read more
9 Feb 2022 07:03

DiscoverIE revenues and order book continue to improve

(Sharecast News) - Customised electronics manufacturer DiscoverIE Group said on Wednesday that strong trading momentum seen in the first half had carried over into the four months ended 31 January, with a further strengthening of the firm's order book and significant year-on-year revenue growth.

Read more
2 Feb 2022 16:12

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

Read more
7 Jan 2022 16:07

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

Read more
9 Dec 2021 14:44

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

Read more
30 Nov 2021 17:05

LONDON MARKET CLOSE: Stocks sink on Moderna's Omicron vaccine warning

LONDON MARKET CLOSE: Stocks sink on Moderna's Omicron vaccine warning

Read more
30 Nov 2021 09:31

discoverIE looks to beat annual expectations after healthy half-year

discoverIE looks to beat annual expectations after healthy half-year

Read more
30 Nov 2021 09:01

Discoverie H1 revenue and profits grow

(Sharecast News) - Electronic components manufacturer Discoverie said on Tuesday that both revenue and profits had grown in the six months ended 30 September, with the group now trading "well ahead" of pre-Covid levels.

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.