It has been a tough start to the day for miners Ferrexpo, with the stock continuing yesterday’s sell-off following an update on a Ukrainian subsidiary, Ferrexpo Poltava Mining (FPM). The company is facing charges of illegal mining and mismanagement of waste, which could come with a hefty price tag. However, FPM believes the case to be without merit, but the Ferrexpo share price is off a further 7% in early trade, adding to the late 25% sell off seen ahead of yesterday’s close.
Final results from the Pharmaceuticals giant GSK are out this morning and despite profits being impacted by the settlement of Zantac litigation, investors appear happy to focus on aspects such as growth in margin and operating profits, as well as an upgrade in mid-term sales guidance. A £2bnshare buyback is also bolstering sentiment, with the GSK share price up around 6% before 9am.
The marketing services group DCC published a Q3 update this morning but despite a slew of positive messages in there including a robust performance for the period, it was noted that the technology division was under some pressure amidst softer consumer demand. Expectations are for the full year to deliver good operating profit growth and disposal plans for the healthcare division remain on track. The DCC share price was trading 3% lower shortly after the open.
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