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LONDON MARKET OPEN: House Of Fraser Woes Continue For Sports Direct

Mon, 15th Jul 2019 08:41

(Alliance News) - Stock prices in London opened higher on Monday with heavyweight miners among the blue-chip risers, while among mid-caps Sports Direct fell sharply after delaying the release of its annual results. The FTSE 100 was up 19.07 points, or 0.2%, at 7,525.04. The FTSE 250 was up 67.12 points, or 0.3%, at 19,618.95. The AIM All-Share was up 1.21 points at 918.40.The Cboe UK 100 index was up 0.3% at 12,755.06. The Cboe UK 250 was up 0.1% at 17,446.62, and the Cboe UK Small Companies was flat at 11,158.61.In mainland Europe, the CAC 40 index in Paris and DAX 30 in Frankfurt were up 0.5% and 0.8% respectively. In China, the Shanghai Composite closed up 0.4%, while the Hang Seng index in Hong Kong is up 0.1%. Financial markets in Japan are closed for the Marine Day public holiday.On the London Stock Exchange, Antofagasta was the best large-cap performer, up 4.2% after the Pakistani government was ordered to pay damages of USD5.8 billion to Tethyan Copper, a joint venture between the Chilean copper miner and Canada's Barrick Gold.The award comes after arbitration claims were filed against Pakistan following the unlawful denial of a mining lease for the Reko Diq project in Pakistan in 2011.Fellow miners, Glencore, Rio Tinto, Anglo American were up 1.6%, 1.5% and 1.3%, respectively. In China, the second largest economy in the world posted its slowest economic growth in almost three decades during the second quarter.Data from the National Bureau of Statistics showed gross domestic product grew 6.2% in the second quarter on the year prior. This was lower than the 6.4% reported in the first quarter of 2019, and the 6.6% printed in 2018 as a whole."GDP growth moderated to 6.2% in the second quarter from 6.4% in the first quarter, with momentum in industrial value added, consumption and investment easing in the quarter," Oxford Economics Senior Economist Tommy Wu said. "We estimate real export growth fell, amid the flare-up of US-China trade tensions, over May-June.""But positively, monthly data suggest that domestic growth momentum picked up in June, providing some tentative evidence that the easing in macro policies is starting to filter through to the domestic economy," Wu added.At the other end of the FTSE 100, Micro Focus International was the worst performer, down 3.0%, extending losses after the software firm said last week its high-profile acquisition of Hewlett Packard's software business was still proving difficult to integrate into its existing operations. The stock is down 20% since last Tuesday.The Newbury-based software firm said on Monday that Chair Kevin Loosemore sold 650,000 shares at 1,777 pence each, in a deal worth around GBP11.6 million in a series of transactions last Wednesday and Thursday. In the FTSE 250, Sports Direct International was the worst performer, down 10% after the sportswear retailer said it will postpone its annual results, scheduled for Thursday, to late July or August, due to complications with its integration of department store chain House of Fraser. Sports Direct said there are some "key areas to conclude" which could further hurt the guidance given in December. The company now expects its audited results to be published between July 26 and August 23. In December, Sports Direct had warned its acquisition House of Fraser would dent its earnings for the full year. The Mike Ashley-founded firm had said turning around House of Fraser would present "significant challenges", and see its adjusted earnings before interest, taxes, depreciation and amortisation coming in "behind last year's results".The pound was quoted at USD1.2562 Monday, firm against USD1.2554 at the London equities close Friday.There are no major events remaining in the economic calendar on Monday after the release of the Chinese data.

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4 Feb 2020 09:47

UPDATE 2-UK stocks leap after China acts to shore up economy

* FTSE 100 up 1.6%, FTSE 250 rises 1.3%* BP, Ferguson among top blue-chip gainers* Micro Focus lags midcaps, sinks to six-year low (Updates to closing prices)By Shashwat Awasthi and Muvija MFeb 4 (Reuters) - UK shares leaped on Tuesday as China's c...

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4 Feb 2020 09:47

UPDATE 1-British stocks climb as China's central bank steps in to calm jitters

* FTSE 100 up 1.4%, FTSE 250 rises 1.2%* BP, Ferguson among top blue-chip gainers* Micro Focus lags midcaps* NMC rebounds after steep losses on Monday (Adds news items, analyst comments, updates share prices)By Shashwat Awasthi and Muvija MFeb 4 (Re...

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4 Feb 2020 09:45

UPDATE 1-Micro Focus chairman Loosemore steps down after 'challenging' year

(Adds quotes, shares, analyst reaction)LONDON, Feb 4 (Reuters) - Micro Focus International Executive Chairman Kevin Loosemore will step down this month, the British IT company said on Tuesday, after a "challenging" year in which its revenue and co...

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4 Feb 2020 09:38

Micro Focus Chair Steps Down As Results Fall Short Of Estimates

Micro Focus Chair Steps Down As Results Fall Short Of Estimates

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4 Feb 2020 09:23

Micro Focus FY profit declines, chairman heads for the exit

(Sharecast News) - Micro Focus shares tumbled on Tuesday after it posted a decline in full-year profit and sales and announced the departure of its chairman following what it referred to as a "challenging" year.

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4 Feb 2020 07:24

Micro Focus chairman Loosemore steps down after "challenging" year

LONDON, Feb 4 (Reuters) - British IT company Micro Focus Intl said its executive chairman Kevin Loosemore would stand down this month after a "challenging year" in which its revenue and core earnings fell short of expectations.Loosemore, who built...

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28 Jan 2020 16:06

UK Earnings, Trading Statements Calendar - Next 7 Days

UK Earnings, Trading Statements Calendar - Next 7 Days

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24 Jan 2020 15:53

London close: Stocks jump on positive macro data and WHO decision

(Sharecast News) - London stocks raced higher on Friday, boosted by better-than-expected services and manufacturing data, and as fears over the spread of a new coronavirus in China receded.

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24 Jan 2020 09:35

UK BROKER RATINGS SUMMARY: Jefferies Lifts Unilever To Buy From Hold

UK BROKER RATINGS SUMMARY: Jefferies Lifts Unilever To Buy From Hold

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28 Nov 2019 14:42

FTSE 250 movers: Virgin Money soars, Future falters

(Sharecast News) - London's FTSE 250 was higher by 0.26% at 21,008.02 in afternoon trade on Thursday, with shares of Virgin Money UK leading the index higher.

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22 Nov 2019 09:25

UK BROKER RATINGS SUMMARY: Aviva And Berkeley Group Suffer Downgrades

UK BROKER RATINGS SUMMARY: Aviva And Berkeley Group Suffer Downgrades

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20 Nov 2019 10:47

UK WINNERS & LOSERS SUMMARY: Mitchells & Butlers Outperforms Industry

UK WINNERS & LOSERS SUMMARY: Mitchells & Butlers Outperforms Industry

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20 Nov 2019 09:50

UPDATE 2-Trade view dims, Kingfisher drops on FTSE's worst day in 3 weeks

* FTSE 100 down 0.8%, FTSE 250 down 0.3%* U.S.-China tensions hit HSBC, oil, miners* Kingfisher drops after Q3 report* Mitchells & Butlers outshines mid-caps* Graphic https://fingfx.thomsonreuters.com/gfx/mkt/12/8896/8808/graphics.png: Sterling, FTS...

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20 Nov 2019 09:25

Micro Focus To Meet Market's Expectations For Revenue, Profit

Micro Focus To Meet Market's Expectations For Revenue, Profit

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20 Nov 2019 07:40

Micro Focus ends year in line with revenue and earnings guidance

(Sharecast News) - Micro Focus International updated the market on its trading for the year ended 31 October on Wednesday, saying it expects to report full year revenue and adjusted EBITDA consistent with the revised revenue guidance it gave at the end of August, and in line with its company compiled consensus.

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