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Stocks on the back foot after Fed sets hawkish tone

By BFN News | 12:04 PM | Friday 09 November, 2018


The FTSE 100 joined a sell off across global markets on Friday after last night's meeting of the US Federal Reserve saw rates kept on hold but with strong hints of a hike to come in December. The index of leading UK shares was down 0.9% to 7,078.24 by midday with mining stocks faring poorly amid the more risk averse sentiment and strength in the dollar. LARGE CAP RISERS AND FALLERS Trade publisher and events company Informa climbed 2.6% to 710p as its revenue grew by nearly a third in the 10 months through October, keeping it on track to meet its full-year expectations. Energy provider SSE fell nearly 4% to £11.36 as it announced after the market close last night that its combination with npower might be delayed beyond the first quarter of 2019 thanks to recent market developments including the new cap on energy prices. Specialist product manufacturer Morgan Advanced Materials slipped 0.5% to 273.8p, even as its year-to-date sales improved and it maintained its full-year guidance. Online electronics retailer AO World slumped 5.9% to 127.1p on news it had paid £32.5m to acquire online phone seller Mobile Phones Direct. The company also revealed that second-quarter growth was hurt by a weaker white goods market in Germany, and added that growth would be more second half weighted than expected. Broadcast and photographic market services provider Vitec ticked up 0.3% to £12.39 after it said it had acquired film-making module supplier Amimon for $55.0m (£42.3m). Vitec also said it still expected 'material' growth in its annual earnings per share. SMALL CAP RISERS AND FALLERS Power cord and cable assembly supplier Volex gained 3.3% to 87.9p as it booked a 17% rise in first-half profit and tipped a full-year performance 'slightly' ahead of market expectations. Ex-WPP boss Martin Sorrell's new advertising company S4 Capital jumped 1% to 118.7p after it confirmed media speculation that it was talking to the owners of several potential acquisition targets. Residential development finance supplier Urban Exposure fell 5.5% to 94.5p as it warned of 'significantly reduced short-term income' after it decided to write higher-quality loans. Story provided by StockMarketWire.com

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