MARKET REPORT
sion.barry@walesonline.co.uk MARKETS were relatively quiet yesterday as traders awaited the Bank of England’s interest rate decision on Thursday, with analysts widely expecting the benchmark rate to rise to 0.75%. The FTSE 100 closed 0.46 points lower, remaining at the 7,700 mark it reached by the end of last week.
Ladbrokes owner GVC Holdings became the top riser on the FTSE 100 after it confirmed plans for a joint venture with MGM Resorts. GVC and New York-listed MGM have agreed to pump $100m (£76m) each into the business, which will be based in a “major US technology hub” and have a board of directors with equal representation from each firm. Shares closed 59p higher at 1,154p.
The publisher of the Mirror and Express swung to a halfyear loss after a slowdown in local advertising forced it to write down the value of its regional titles, knocking shares by 2.7p to 70.1p. Reach reported a £113.5m statutory pre-tax loss in the first half of the year, having logged profits of £38.2m a year earlier.
Shares in Hiscox jumped by 7% or 107p to 1,580p when the insurance firm unveiled a rise in profits. For the six months ended June 30, Hiscox’s profit before tax was $163.6m (£124.8m), up 27% year on year from $129.1m (£98.5m).
The owner of Clydesdale and Yorkshire banks, CYBG, could be on track for a fullyear loss after interim results showed a reduction in mortgage drawdowns in the three months to June 30 due to lower applications earlier in the year. Shares closed 0.8p lower at 337p.
Foxtons’ shares shot up by 9% or 4.4p to 52p despite the firm swinging to a loss amid a slowdown in the London housing market. Group revenues fell to £53m for the halfyear ended June 30, down 9% year on year from £58.5m. The firm swung to a £2.5m loss for the period, as compared to a pre-tax profit of £3.8m for the same six months in 2017.
The biggest risers on the FTSE 100 were GVC Holdings up 59p to 1,154p, Vodafone Group up 6.5p to 186.5p, St James’s Place up 28p to 1,216.5p and Smurfit Kappa Group up 48p to 3,124p.
The biggest fallers on the FTSE 100 were Sage Group down 33.2p to 612.8p, Pearson down 27.4p to 930p, Scottish Mortgage Investment Trust down 14p to 535p and Taylor Wimpey down 3.85p to 172.5p.