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London close: Stocks slide after short-lived rally

Wed, 10th Aug 2011 16:43

London's leading share index almost closed back below the 5,000 point mark after giving up a short-lived rally.Euphoria over US plans to keep interest rates at their current low levels was soon overshadowed by the reason for the plans: the grim economic outlook.Here, the Bank of England has cut its forecast for UK economic expansion this year to 1.4% from 1.8%. Growth is likely to be sluggish in the next year or so as household incomes remain squeezed, but easing inflationary pressures should help it to pick up "gently" next year, the Bank said in its latest inflation report. Miners, such as Kazakhstan's Kazakhmys were under heavy attack by the close of play having earlier rallied on global growth hopes. Bank Barclays also took a heavy pounding. In company news Standard Life was among the best performers after operating profits at the savings, investments and pensions firm jumped by 44% in the first half.Global banking giant HSBC was higher after revealing that US lender Capital One is the buyer of its card and retail services business in the US. HSBC said its post-tax gain on the sale is estimated to be $2.4bn. FTSE 250 travel firm TUI Travel said it is on track to meet full-year expectations after operating profits surged in the group's third quarter. The package tour firm saw a 13% increase in revenue and a 57% increase in operating profit for its third quarter (to June 30) compared to 2010, when the effects of the Icelandic volcano ash cloud were disrupting travel plans across Europe. Meanwhile, shareholders in wounded bid target Micro Focus got some good news on Wednesday as the legacy software specialist said it is trading ahead of expectations. Shares jumped by a fifth. The upbeat trading statement makes a change from profit warnings, of which there have been two this year.Shares in internet video security company IndigoVision dropped after the company warned that it will not meet its sales and profits targets for the year ended 31 July.Fashion retailer French Connection was in fashion after it said first half profit will be in line with management expectations as it successfully weathers tough conditions on the high street. The clothing and accessories retailer said it saw growth in like-for-like sales at its UK stores despite the difficult market conditions. Beowulf was posting muscular gains after the Sweden-focused miner said drilling at its Kallak iron ore project indicated the presence of more than 400m tonnes of ore.Sticking with mythically-named resource companies, Dragon Oil was on fire after it ramped up production in the six months to 30 June, helping the Central Asia-focused oil group to benefit from the soaring oil price. Profit for the period totalled $309.4m, up from $137.6m over the same period the previous year, on revenues that soared to $527.4m from $276.3m. The company is paying a 9 cent interim dividend, having not paid one last year.FTSE 100 - RisersStandard Life (SL.) 184.10p +5.74%Randgold Resources Ltd. (RRS) 6,385.00p +4.33%Burberry Group (BRBY) 1,302.00p +3.25%Man Group (EMG) 187.20p +3.20%Weir Group (WEIR) 1,735.00p +1.88%United Utilities Group (UU.) 572.00p +1.24%Autonomy Corporation (AU.) 1,502.00p +0.67%Severn Trent (SVT) 1,415.00p +0.28%Aggreko (AGK) 1,696.00p -0.24%SABMiller (SAB) 1,993.00p -0.35%FTSE 100 - FallersEssar Energy (ESSR) 262.10p -12.60%Barclays (BARC) 163.70p -8.70%Kazakhmys (KAZ) 918.00p -7.74%Standard Chartered (STAN) 1,371.50p -7.52%Prudential (PRU) 567.00p -7.35%Royal Bank of Scotland Group (RBS) 24.29p -7.33%HSBC Holdings (HSBA) 516.20p -5.28%RSA Insurance Group (RSA) 109.50p -5.19%Schroders (Non-Voting) (SDRC) 1,124.00p -5.07%Old Mutual (OML) 103.20p -5.06%FTSE 250 - RisersMicro Focus International Plc (MCRO) 283.70p +13.16%Kofax (KFX) 290.00p +7.21%Afren (AFR) 100.10p +5.70%Telecom Plus (TEP) 580.00p +5.45%African Barrick Gold (ABG) 537.00p +4.68%Filtrona PLC (FLTR) 310.00p +4.45%SVG Capital (SVI) 228.00p +4.40%International Personal Finance (IPF) 255.70p +3.90%Telecity Group (TCY) 501.50p +3.47%Moneysupermarket.com Group (MONY) 103.00p +3.31%FTSE 250 - FallersBwin.party Digital Entertainment (BPTY) 101.70p -9.68%Sports Direct International (SPD) 201.30p -8.79%JD Sports Fashion (JD.) 835.00p -8.69%Enterprise Inns (ETI) 39.00p -8.32%AG Barr (BAG) 1,031.00p -8.19%Greene King (GNK) 410.00p -7.57%RPS Group (RPS) 197.80p -7.53%Chemring Group (CHG) 489.80p -7.41%Anglo Pacific Group (APF) 257.10p -7.02%DS Smith (SMDS) 181.80p -6.77%
More News
12 Jun 2020 15:27

IN BRIEF: IndigoVision Takeover By Motorola Gains Court Sanction

IN BRIEF: IndigoVision Takeover By Motorola Gains Court Sanction

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14 May 2020 16:28

UK Shareholder Meetings Calendar - Next 7 Days

UK Shareholder Meetings Calendar - Next 7 Days

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17 Mar 2020 12:13

IndigoVision Shares More Than Double As Motorola Solutions Swoops

IndigoVision Shares More Than Double As Motorola Solutions Swoops

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5 Mar 2020 15:55

IndigoVision reinstates dividend as it returns to profitability

(Sharecast News) - IndigoVision reported a 9.2% improvement in its revenue in its final results on Thursday, to $50.2m (?38.83m).

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5 Mar 2020 11:43

IndigoVision Shares Up On Restored Dividend Amid Swing To 2019 Profit

IndigoVision Shares Up On Restored Dividend Amid Swing To 2019 Profit

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27 Feb 2020 16:10

UK Earnings, Trading Statements Calendar - Next 7 Days

UK Earnings, Trading Statements Calendar - Next 7 Days

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13 Jan 2020 11:01

IndigoVision flags sales improvement for 2019 financial year

(Sharecast News) - IndigoVision reported on Monday that sales for the financial year ended 31 December totalled $50.1m (£38.57m), representing a 9% increase over 2018.

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13 Jan 2020 10:51

IndigoVision Annual Profit To Be In Line With Market Expectations

IndigoVision Annual Profit To Be In Line With Market Expectations

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11 Nov 2019 15:59

IndigoVision buys Portuguese software firm Agora

(Sharecast News) - IndigoVision announced the acquisition of Agorasys for a consideration of up to €3.0m (£2.57m) on Monday, of which €2.3m would be payable in cash at completion to clear Agora's existing financial indebtedness.

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11 Nov 2019 10:59

IndigoVision In Deal To Buy Portuguese Firm For EUR3.0 Million

IndigoVision In Deal To Buy Portuguese Firm For EUR3.0 Million

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14 Aug 2019 09:55

IndigoVision Delivers First Profit In Five Year As Turnaround Delivers

(Alliance News) - IndigoVision Group PLC said Wednesday it delivered its first profit in five years as momentum builds in the turnaround at the video security systems firm.For the six ended

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11 Jul 2019 11:24

IndigoVision To Post Profit For First Half, Shares Rise

(Alliance News) - Surveillance system provider IndigoVision PLC said Thursday it expects to swing to profit in the first half of 2019 due to year-on-year increase in sales.Shares in were at

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16 May 2019 12:19

IndigoVision Expects Return To Profitability In 2019 On In-Line Start

LONDON (Alliance News) - IndigoVision Group PLC said Thursday trading in the first four months of 2019 was in line with market expectations.The surveillance systems provider, which is its a

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16 May 2019 10:42

IndigoVision trades in line, expects sales to be weighted to second half

(Sharecast News) - Security systems designer IndigoVision told investors at its annual general meeting on Thursday that the group had traded in line with expectations during the first four months of the year.

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29 Mar 2019 14:18

IndigoVision Group Appoints Vikki Macleod As Non-Executive Director

LONDON (Alliance News) - Security systems firm IndigoVision Group PLC on Friday said it has appointed Vikki Macleod as a non-executive director with immediate effect.Macleod has "broad

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