Footsie flat as Spanish fears are calmed
Market report Perry Gourley
Although the pound lost ground against a stronger euro as investor jitters around Catalan independence momentarily eased, it was not enough to lift the FTSE 100.
The index dipped 4.46 points to 7,533.81 and movement among its European peers was also relatively subdued. Connor Campbell, a financial analyst at Spreadex, said it had been a day of “suffocating dullness” on the markets.
Mondi slumped 163p to 1,926p, making it the worst performer on the FTSE 100. It came after the paper and packaging group issued a profit warning, even as it clocked an 8 per cent rise in third-quarter operating profit.
It said its underlying performance for the year would come in “modestly below market expectations” due to rising cost pressures and negative currency effects.
Merlin Entertainment edged lower by 4.6p to 463.6p after it confirmed it was not in takeover talks with Seaworld, a week after reports surfaced suggesting it had approached the group.
Shares in global recruitment giant Page plunged 48.4p to 477.1p. The company said Brexit uncertainty continued to take its toll on hiring, and revealed a 7.6 per cent fall in thirdquarter gross profits in the UK, which accounts for nearly a fifth of the group’s business.
Telford Homes dropped 9.5p to 398.75p after announcing that first-half profits were likely to be “significantly lower” than the comparable period in 2016, due to the “programmed timing of development completions”. Dunelm shot up 44p to 745p as the homeware retailer reported a 24.8 per cent rise in total group revenues. The online marketing company for the gaming industry announced it has entered into a partnership with Malta-based Esports Radar. Shares in the paper and packaging group fell sharply after it issued a profit warning blamed on the impact of rising cost pressures.