SSE Share News (SSE)

LONDON (Alliance News) - The FTSE 100 traded in the green early Wednesday, with selling of SSE after a profit warning offset by gains for Taylor Wimpey and for oil majors.The FTSE 100 was up 0.2%, or 11.64 points, at 7,285.18 early Wednesday. The mid-cap FTSE 250 was up 0.4%, or 72.17 points, to 20,298.59 and the AIM All-Share up 0.2% at 1,098.69.The Cboe UK 100 rose 0.3% to 12,338.76, with the Cboe UK 250 up 0.4% at 18,445.75 and the Cboe UK Small Companies flat at 12,143.01.In mainland Europe, the CAC 40 in Paris and DAX 30 in Frankfurt were both 0.2% higher in early trade on Wednesday.On the London Stock Exchange, SSE slumped in early trade, the worst performer in the FTSE 100 index as it tumbled 9.2%.The energy provider said the hot weather seen in the UK throughout the first five months of its financial year, to August 31, is expected to dent profit.Dry, still, warm weather in the financial year thus far, in addition to "persistently" high gas prices, has resulted in a higher cost of energy than expected and lower volumes of energy being consumed.As a result, SSE said its adjusted operating profit for the five months to August has been hit by around GBP190 million "compared with plan"."The net impact of higher-than-expected gas prices and other commodity price changes has accounted for just under half of this, with the impact of the weather accounting for most of the remainder," said SEE.The net result, the energy firm continued, is that SSE now expects adjusted operating profit for the first half of its financial year to be "around half" that delivered over the same period a year ago.Nonetheless, the company said it continues to expect to propose an annual dividend of 97.5 pence for its current financial year.The update from SSE hit British Gas parent Centrica as it suffered from a negative read-across, the stock down 2.4% in early trade.Edging towards the top of the index was Taylor Wimpey, up 1.2% after Barclays raised the housebuilder to Overweight from Equal Weight.Oil majors inched higher on Wednesday, with BP up 1.1% and Royal Dutch Shell 'A' and 'B' shares both up 0.9%. The companies were building on Tuesday's gains, with BP having closed up 1.0%, Shell 'A' up 1.3% and 'B' up 1.2%.This was as the price of Brent oil strengthened to USD79.26 a barrel early Wednesday, up from USD78.65 late Tuesday which, in turn, had improved from USD77.26 late Monday.Oil prices were supported by worries over global supply as well as a hurricane due to hit the US in the coming days.US sanctions against Iran are set to come into effect in the first week of November, with exports from Iran expected to fall by nearly 40%. Hurricane Florence - which is is expected to strengthen into a near-Category 5 storm as it approaches North and South Carolina - could cause flooding and power interruptions and result in the shutting down of Colonial Pipeline.In the FTSE 250, Dunelm rose 4.2% to take the top spot in the mid-cap index in early trade.The home furnishings retailer said revenue for the year to June 30 grew 9.9% to GBP1.05 billion compared to GBP955.6 million the year before. Reported pretax profit edged up to GBP93.1 million from GBP92.4 million, while on an underlying basis profit fell 6.7% to GBP102.0 million from GBP109.3 million. The underlying measure reflected a full year of trading losses reported in respect of Worldstores, a "small reduction" in the core business gross margin, and increased operating costs due, in part, to a higher mix of online sales.Like-for-like sales grew 4.2% in the period, with store comparable sales up 1.0% and online sales surging 38%.Dunelm raised its full-year dividend to 26.5p per share."The UK retail environment remains challenging, but against this difficult background we have traded in line with expectations during the current financial year to date," said Chief Executive Nick Wilkinson.Galliford Try gained 1.0% as annual profit multiplied despite the housebuilder and construction services firm taking a hit from the collapse of outsourcer Carillion at the start of 2018.Revenue for the year to June 30 grew 11% to GBP3.13 billion, as pretax profit jumped to GBP143.7 million from GBP58.7 million. Before exceptional items, profit rose 28%The company declared a full-year dividend of 77.0p, down 10% on last year's 86.0p. This, the company said, is in line with its policy announced during the year to increase its dividend cover to 2 times pre-exceptional profit.On the Aberdeen Western Peripheral Route project, the company said it has made "good progress" towards completion. Galliford Try had to book exceptional costs relating to the project during the year following the collapse of Carillion - which was a partner in the project alongside Galliford and Balfour Beatty - at the start of 2018.The total additional charge to date is GBP123 million, said Galliford, which has not increased beyond previous guidance, and of which GBP120 million has been classified as exceptional.Looking ahead, Galliford said its private and affordable homes units continue to see "good market fundamentals", while Linden Homes has made a good start to the new financial year with a "solid" order book, albeit one that is below last year but in line with 2016.In the economic calendar on Wednesday, eurozone industrial production is at 1000 BST while, in the US, producer prices are at 1330 BST.While there are no economic releases due from the UK, Wednesday's prime minister's questions will be in focus at midday, as Theresa May's role came under fresh pressure after Tory MPs spent nearly an hour war-gaming how to oust her at a private meeting.Around 50 MPs discussed ways and means of getting rid of the UK prime minister at a gathering of the European Research Group, the Press Association understands.A number of MPs told how they had already submitted letters of no confidence to Graham Brady, chairman of the 1922 Committee, and others discussed plans to follow suit. If 48 letters are handed over a vote of no confidence would be triggered.The flurry of activity came after former foreign secretary Boris Johnson launched a fresh attack on May's Brexit plan, claiming it would be "substantially worse than the status quo" for British businesses.In Asia on Wednesday, the Japanese Nikkei 225 index closed down 0.3%. In China, the Shanghai Composite ended 0.3% lower, while the Hang Seng index in Hong Kong declined 0.5% in late trade.