Information  X 
Enter a valid email address

FTSE remains in the doldrums with presidential debate and Covid in focus

By BFN News | 01:00 PM | Tuesday 29 September, 2020


The FTSE 100 was off its lows but still materially lower by lunchtime, falling 0.4% to 5,904.17 as coronavirus fears continue to dog equities Ahead of tonight's US presidential debate US futures suggested Wall Street was unlikely to do a better job of consolidating Monday's big gains. High-street bakery chain Greggs fell 7.9% to £11.23, as investors remained unimpressed with recent trading, even as the company said activity had picked in September following a slower August. Like-for-like sales in Greggs company-managed shops had averaged around 71% of the 2019 level in the 12 weeks to 26 September. Plumbing company Ferguson jumped 6.5% to £78.98 as it resumed its dividend, citing a strong financial position, even as it reported a fall annual profit pinned on the pandemic. Ferguson's pre-tax profit for the year through July fell 4.8%, but the company restored a dividend of 208.2c per share. General merchandise retailer B&M European Value Retail firmed 5% to 514.88p, having lifted its earnings guidance as customers spent more money per visit. B&M European said its first-half adjusted earnings before interest, tax, depreciation and amortisation were expected at £285 million, above a previous £250 million-to-£270 million guidance range. Oil company Cairn Energy shed 0.9% to 139.2p after it racked up a $323.5 million first-half loss owing to lower oil prices. Auto retailer Pendragon was broadly unmoved, even as it posted a first-half loss after the Covid-19 crisis hurt demand for travel as people isolated at home. On current trading, however, Pendragon said it had swung to a pre-tax profit during the months of July and August amid a bounce back in demand. Regeneration specialist St. Modwen Properties fell 1.6% to 307p on announcing that it had appointed Sarwjit Sambhi as its new chief executive. Sambhi was most recently the head of power utility and British Gas owner Centrica's consumer business. He would take the reins from current interim CEO Rob Hudson from 2 November. Furniture and flooring retailer ScS slumped 6.8% to 205p as it swung to a full-year loss after the Covid-19 pandemic led to the temporary closure of its stores between March and May. On current trading, ScS said its order intake was up 46% on a like-for-like basis for the first nine weeks of the new financial year to 26 September. Security services group Westminster gained 4.3% to 7.3p, having won an up to £1.8m contract to replace and maintain the security screening equipment at the Palace of Westminster. Respiratory drug focused Synairgen fell 2.2% to 158.8p on announcing that it and pharmaceutical services company Clinigen had agreed to launch an access programme for a potential treatment for Covid-19. The programme would be established for Synairgen's inhaled formulation of interferon beta, SNG001, in the UK and the EU for the treatment of hospitalised Covid-19 patients. Clinigen added 1.0% to 656.5p. At 1:00pm: (LON:BME) BM European Value Retail S.A. share price was +22.8p at 513.2p (LON:CNE) Cairn Energy PLC share price was -1.05p at 139.45p (LON:GRG) Greggs PLC share price was -96p at 1123p (LON:PDG) Pendragon PLC share price was -0.15p at 7.33p (LON:SCS) SCS Group Plc share price was -14p at 206p Story provided by StockMarketWire.com

a d v e r t i s e m e n t