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Latest Share Chat

UPDATE 1-FTSE rebounds but mid-caps nervy as sterling falls

Tue, 12th Nov 2019 09:33

* FTSE 100 up 0.2%, FTSE 250 down 0.2%

* Data provider Experian tops main index

* Discounter B&M weighs on mid-caps
(Adds company news items, analyst comment, updates share moves)

By Shashwat Awasthi and Muvija M

Nov 12 (Reuters) - A near 3% rise in shares of the world's
biggest credit check firm Experian led a recovery in London
blue-chip stocks on Tuesday after falls that tracked a downbeat
global mood a day earlier.

The FTSE 100 was up 0.2% by 0833 GMT, but the
mid-cap index, which rallied on Monday after Brexit
Party chief Nigel Farage said suggested he would not fight
Conservative-held seats in December's general election, dipped
0.2%.

Weakness in the more domestically-focussed index came as
sterling, which had hit a six-month high earlier this week
driven by political news, dipped ahead of jobs data.

With financial investors still nervous about the outlook for
global growth and the outcome of U.S.-China trade talks, traders
were holding off on any bigger bullish bets.

Markets rallied last week on signs of a thaw in relations
between Washington and Beijing, but those gains were reeled back
in on Monday after President Donald Trump cast doubt on the
progress of negotiations.

Trump is scheduled to discuss U.S. trade policy at the
Economic Club of New York later today.

Experian climbed to a near one-month high after it
upgraded its organic revenue growth target on the back of strong
results in its main North American market, while industrial
software company AVEVA added 2.4% after upbeat results.

ITV added 2% after the broadcaster said demand for
programming, particularly in the United States, would underpin a
solid end to the year.

Support services company DCC, however, slid 4% after
first-half profit dropped as volumes fell at its business that
sells transport fuels and commercial fuels.

Industrial distributor Electrocomponents weighed
heavily on the mid-cap index, slumping 10% after a
10.4-million-pound writedown in relation to British Steel's
liquidation hit first-half earnings.

Discounter B&M European Value Retail also dropped
10%, after it said it was undertaking a review of its German
unit to decide the future of the poorly performing business.

Manufacturing and research company Oxford Instruments
jumped 7% after reporting a rise in revenue and profits
for the half year period.

Among small-caps, Premier Foods leapt 9.4% after its
first-half earnings got a boost from the relaunch of Mr Kipling
cakes last year and strong sales of Nissin noodles.
(Reporting by Shashwat Awasthi and Muvija M in Bengaluru;
editing by Uttaresh.V)

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