Intertek Group Share News (ITRK)

LONDON (Alliance News) - The FTSE 100 was on course for a second session of gains on Tuesday as the pound had a volatile day tracking the latest Brexit updates, sinking sharply after the UK's attorney general said the legal risk of being stuck in the Brexit backstop remains unchanged.This comes despite UK Prime Minister Theresa May dashing to Strasbourg late Monday to seek out additional assurances over the mechanism ahead of this evening's crunch vote in Westminster. The FTSE 100 index - comprised of a large number of overseas earners that benefit from a weak pound - was 24.55 points higher, or 0.3%, at 7,155.17 midday Tuesday. The FTSE 250 was up 108.47 points, or 0.6%, at 19,201.53, while the AIM All-Share index was down 0.1% at 907.33.The Cboe UK 100 index was up 0.4% at 12,145.59. The Cboe UK 250 was up 0.8% at 17,162.50, but the Cboe UK Small Companies down 0.1% at 11,068.38.The pound was quoted at USD1.3024 at midday, down from USD1.3101 late Monday, having traded above the USD1.32 earlier Tuesday. Sterling traders were jittery ahead of a crunch parliamentary vote Tuesday evening on Brexit. UK Prime Minister May travelled to Strasbourg on Monday evening to clinch some last minute assurances on her withdrawal deal. May's effort came amid predictions the government was headed for a second humiliating defeat on its Withdrawal Agreement. The PM said she "passionately believed" her Brexit deal addressed concerns raised by MPs who feared the backstop would keep the UK in a customs arrangement with the EU indefinitely.If the package passes the Commons, leaders of the 27 remaining EU states will be asked to endorse the new documents at a scheduled European Council summit in Brussels on March 21-22, before the final step of ratification by the European Parliament.The pound dipped below the USD1.31 mark after Attorney General Geoffrey Cox said the newest assurances "reduce the risk" the UK will be trapped in a backdrop arrangement indefinitely but the legal risk remains unchanged that the UK has no means of unilaterally exiting the backstop.Cox's legal opinion sparked an "angry reaction" in the pound, said David Cheetham at XTB."The bulk of Monday's gains have now been handed back and it looks like any hopes of an unlikely victory for the PM's deal later have just been extinguished," Cheetham commented. Brexit newsflow dominated the pound's movement on Tuesday, even as the Office for National Statistics showed the UK economy bounced back in January following a disappointing December. UK GDP grew 0.5% month-on-month in January, rebounding from December's 0.4% contraction. January's reading was above consensus cited by FXStreet of 0.2%. The ONS said that services, production, manufacturing and construction all experienced positive month-on-month growth in January after slips in December. Meanwhile, the UK's total trade deficit widened in January as growth in trade in services was offset by falling car exports.The UK's total trade deficit widened GBP1.3 billion to GBP10.4 billion in the three months to January, as the trade in goods deficit widened by GBP2.4 billion to GBP38 billion. The trade deficit was driven by falling car exports, alongside rising car imports. The goods trade deficit widened by GBP1.6 billion with EU countries and by GBP800 million with countries outside the bloc in the three months to January. In mainland Europe at midday, the CAC 40 in Paris and the DAX 30 in Frankfurt were both 0.3% lower. In the US, stocks are pointed to a mixed start with the Dow Jones called down 0.1%, the S&P 500 seen flat and the Nasdaq on course to start 0.2% higher. Boeing was continuing to weigh on the Dow, shares ending down 5.3% on Monday and trading 1.8% lower pre-market, in the aftermath of two of its 737 Max 8 models crashing. An Ethiopian Airlines plane en route from Addis Ababa to Nairobi crashed six minutes after take-off on Sunday, killing all 157 people on board. The incident followed Lion Air 737 Max 8 crash in October that killed 189.China, Indonesia, and Ethiopia on Monday ordered their airlines to ground the jet. They were joined on Tuesday by Singapore and Australia. Other airlines kept flying the 737 Max 8 after Boeing said it was safe. Late on Monday, the US Federal Aviation Administration or FAA issued a "continued airworthiness notification" saying the plane was safe to fly.In the US economic calendar, producer prices and durable goods orders are both at 1230 GMT.In London, Lloyds Banking Group rose 1.5% after Goldman Sachs raised the London-listed lender to Neutral from Sell. Meanwhile, testing and safety firm Intertek was towards the bottom of the FTSE 100, down 1.4% after Merrill Lynch resumed the stock with an Underperform rating. Miner Antofagasta declined 0.6% as RBC cut the firm to Sector Perform from Outperform.Helping the FTSE 250 higher was Sirius Minerals, up 8.4%. The fertiliser firm said it is exploring an alternative financing agreement for its massive Yorkshire mine.Sirius is developing the Woodsmith polyhalite fertiliser mine near Whitby.It is currently looking at securing stage two financing for the development project, having pursued senior debt financing with a group of possible lenders since 2016. However, it has now received a "conditional" approach from a "major global financial institution" over an alternative proposal, though it is still a senior debt facility.Old Mutual spin-out Quilter gained 6.0% after proposing an inaugural final dividend after 2018 profit and revenue both rose despite tough market shrinking assets.In 2018, the UK-focused wealth and asset manager swung to a GBP163 million pretax profit from a GBP54 million loss the year prior. Total fee revenue rose 8.3% to GBP788 million from GBP728 million the year before. Quilter proposed a 3.3 pence per share final dividend, or 61.92 rand cents. During the year, Quilter also paid a 12.0 pence or 206.43 cent special dividend. Domino's Pizza was up 5.9% despite reporting a slump in annual profit. For the year ended December 30, the pizza delivery company posted pretax profit down 24% to GBP61.9 million from GBP81.4 million a year prior, on a 52-week versus 53-week basis. On an adjusted basis, pretax profit dipped 1.1% to GBP93.4 million, comparing 52 weeks to 52 weeks.In the UK and Ireland, Domino's core geographies, system sales were up 7.0% to GBP1.16 billion from GBP1.08 billion. Like-for-like sales rose 4.6%. Equiniti fell 7.0%. The financial services administration outsourcer reported an increase in annual profit but said the operational separation of Wells Fargo Shareowner Services is now expected three months later than previously thought. The company's revenue climbed 31% to GBP530.9 million in 2018, with organic revenue growth at a record 7.3%. Equiniti reported pretax profit of GBP20.7 million for 2018, 35% higher year-on-year. However, the operational separation of Wells Fargo Shareowner Services - also known as EQ US - is now expected by June, three months later than previously guided, for a total programme cost of no more than GBP45 million. G4S slipped 4.8% as the security services provider reported a significant drop in its annual profit due to legal charges in California as well as pension costs. For 2018, the security services provider posted pretax profit down 63% to GBP143 million from GBP387 million a year prior, mainly due to charges amounting to GBP100 million relating to a class-action lawsuit in California.The legal case involved claims made against one of its subsidiaries over meal and rest breaks under California employment law.Further charges of GBP35 million for UK guaranteed minimum pension equalisation also contributed to the dent in profit.