There’s a big faller on the FTSE-100 this morning with the sports betting and gambling company Entain finding itself under pressure after news that the CEO had stood down with immediate effect. The non-exec chair will take over on an interim basis but details beyond this are scant. The outgoing CEO is thanked for his contribution and the board are confident with the year’s performance, with expectations being that group EBITDA will land at the top end of the previously guided range. Entain’s share price was down almost 12% by 9am.
The FTSE-250 listed housebuilder issued an interim trading update this morning which contained plenty to cheer with completion rates rising, admittedly off weak comparatives, a strong cash position and positive sales momentum being noted in the traditionally buoyant spring period. However the market has taken a less than positive view of the numbers, with the share price finding itself funder pressure. Supportive comments about government planning reform have failed to deliver any cheer, either, with the one point of weakness appearing to be static average selling prices. Whether the reaction is overdone remains to be seen but the Bellway share price is down by more than 5% in early trade.
Dunelm stumbled in the wake of its interim results, although losses could yet prove to be short lived. The company noted growing market share and modest margin improvement against a challenging economic backdrop. The special dividend paid a year ago of 35p was maintained and the underlying interim payment was increased by 0.5p. Given that, the fact the Dunelm share price traded down as much as 2.5% shortly after the open may appear overdone, although losses are already abating.
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