Last checked at (Sharecast News) - London's second-tier was 0.48% lower at 20,070.54 in afternoon trade on Wednesday, with Riverstone Energy leading the index downward.
The energy investor's shares fell following a decline in its net asset value during the third quarter with the company saying that it would now focus on further diversifying its portfolio with exposure across the midstream, services, and power sectors, in light of the challenging investment environment.
Marks & Spencer was lower as analysts from Hargreaves Lansdown noted that restructuring costs and a potentially disappointing performance from its clothing & home segment meant that interim operating profit could be down around 20%.
"That's because the clothing industry still faces very tough trading conditions, which won't help sales already in reverse at M&S. The extra external pressures, plus planned store closures means trends could well be weaker than the 3.6% revenue decline seen at the full year," said analysts.
Inchcape shares dropped after analysts from Barclays said they expected a risk to third quarter earnings and cut EBIT forecasts for 2020,
Up at the other end of the index, ConvaTec surged after it said trading was in line with management expectations following growth at each of its business units, with full-year guidance remaining unchanged.
Computacenter climbed after it reported that both revenue and profit in the third quarter remain "well ahead" of its 2018 year-to-date performance as the drive to digitalise helps to offset "challenging" economic conditions.
Finally, shares in serviced offices provider IWG climbed ahead of the release of its third quarter results next week.
Market Movers
FTSE 250 (MCX) 20,070.54 -0.48%
FTSE 250 - Risers
Convatec Group (CTEC) 206.72p 12.93%
Computacenter (CCC) 1,328.00p 5.31%
Future (FUTR) 1,346.98p 4.42%
Renishaw (RSW) 3,796.00p 1.88%
AJ Bell (AJB) 386.00p 1.71%
Contour Global (GLO) 211.50p 1.68%
Homeserve (HSV) 1,157.00p 1.58%
Senior (SNR) 184.50p 1.26%
IWG (IWG) 387.20p 1.07%
Drax Group (DRX) 301.00p 1.01%
FTSE 250 - Fallers
Riverstone Energy Limited (RSE) 457.50p -4.29%
Marks & Spencer Group (MKS) 179.69p -4.06%
Sports Direct International (SPD) 306.00p -3.83%
Hammerson (HMSO) 293.40p -3.74%
Investec (INVP) 431.60p -3.32%
Ferrexpo (FXPO) 123.13p -3.04%
Inchcape (INCH) 657.50p -3.02%
Card Factory (CARD) 170.00p -2.97%
Sanne Group (SNN) 548.00p -2.84%
IMI (IMI) 1,004.50p -2.71%
11 Jan 2024 07:01
M&S sees FY in line as Christmas sales rise 8.1%
(Sharecast News) - UK retailer Marks & Spencer said it expected to deliver annual results in line with expectations despite higher-than-expected cost increases as it reported an 8.1% rise in sales over the key Christmas quarter driven by food revenue and womenswear.
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