London shares fell on concerns over US growth. British Energy tumbled over output worries, and William Morrison has swung into the black.
London shares fell this week on worries that growth in America may be slowing. At mid morning on Friday the FTSE was down 47 points to 5,830.
Biggest Movers in the FTSE 350 (as at Friday 10am)
British Energy
(LSE: BGY)
tumbled 12% to 560p after the nuclear power generator warned over output levels. Coal-fired power station Drax
(LSE: DRX)
was caught up in the sell-off, too. It slumped 10% to 807p. Read more.
Sticking with energy, oil companies were mixed as crude prices fell. Oil explorer Burren Energy
(LSE: BUR)
lost 2% to 880p despite a jump in mid-year profits, and oil services outfit Petrofac
(LSE: PFC)
barrelled along 10% to 316p on strong first-half profits. Other oil firms that reported results included Premier Oil
(LSE: PMO)
, which receded 1% to 994p, and Venture Production
(LSE: VPC)
slipped 4% to 680p.
Wm. Morrison
(LSE: MRW)
made good headway this week. The supermarket gained 7% to 247p after it swung into a profit in the first half. Laura Ashley
(LSE: ALY)
, up 10% to 26p, has also returned to profit, and its upbeat outlook was echoed by Debenhams
(LSE: DEB)
, which retreated 2% to 188p despite a positive trading update.
Woolworths
(LSE: WLW)
said sales slid in the first half. But the general retailer held firm at 35p as it announced plans to launch a catalogue. On the other side of the high street, Pizza Expressowner Gondola Holdings
(LSE: GND)
was unmoved at 401p as sales rose and private equity Cinven considered making a bid. Meanwhile, cake maker Finsbury Food
(LSE: FIF)
rose 5% to 89p as profits soared.
Albemarle & Bond
(LSE: ABM)
firmed 1% to 193p as demand for quick debt solutions lifted profits at the pawnbroker. However, debt advisor Debtmatters
(LSE: DEBT)
, whose shares have doubled this year, dipped 5% to 341p on an in-line update. Read more.
Bank of Ireland
(LSE: BKIR)
rallied 2% to €15.18 after a bullish trading update. Ireland's second-biggest bank said profits may rise thanks to a booming economy and aggressive cost cutting. In the meantime, life insurer Resolution
(LSE: RSL)
fell 1% to 602p on stronger first-half numbers, and reinsurer Alea
(LSE: ALEA)
slid 4% to 86p as it slumped into a mid-year loss. Lloyds insurer Hardy Underwriting
(LSE: HDU)
took on 2% to 240p after first-half profits were better than expected.
John Laing
(LSE: LNGO)
surged 13% to 365p on an agreed takeover, as did Radstone Technology
(LSE: RST)
, which jumped 12% to 422p after it agreed to be bought by GE Fanuc. But CSR
(LSE: CSR)
crumbled 26% to 840p following a sales warning amid a chip glut. The news dragged Wolfson Microelectronics
(LSE: WLF)
5% lower to 482p.
Other companies in the news included Kazakhmys
(LSE: KAZ)
, which fell 4% to 1,173p after chief executive YK Cha said he would step down, and Cable & Wireless
(LSE: CW.)
rallied 2% to 132p on hopes of higher overseas margins. Chloride
(LSE: CHLD)
powered ahead 14% to 131p after a positive trading update, and Stanelco
(LSE: SEO)
crashed 38% to 1.9p on funding worries.
Finally, MFI
(LSE: MFI)
, up 6% to 93p, has paid Merchant Equity Partners £78m to take its unprofitable retail unit off its hands. MFI will also change its name to Galiform and focus on its building supplies business.
The Market Next Week
Retailer John David
(LSE: JD.)
, pub group Mitchells & Butlers
(LSE: MAB)
and coach operator National Express
(LSE: NEX)
are some of the companies reporting next week. Look out also for figures from housebuilder Barratt Developments
(LSE: BDEV)
.
Notable announcements next week
Monday: Ceres Power, Emblaze and Wolseley
Tuesday: AG Barr, Corin, Emap, Game and Mitchells & Butlers
Wednesday: Arla, Barratt Developments, Electrocomponents and Smiths
Thursday: 3i, HMV, John David, Mitie, National Express and Uniq
Friday: Britvic, Jessop and Subsea Resources
