Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up

Despite US inflation easing, stocks turn lower with FTSE down 0.5%

Tue, 14th Sep 2021

The FTSE 100 closed the day down 0.5% amid growing fears about the economic recovery and despite US inflation coming in lower than expected to calm fears on rising prices. On Wall Street the S&P 500 was down 0.2% to 4,461.31 by 4.30pm UK time. Online groceries play Ocado fell 0.7% to £18.73, erasing some of its earlier losses, as it warned of lower revenue and higher costs at its online grocery joint venture with Marks & Spencer, owing to a fire at a UK distribution centre and a shortage of drivers. Third-quarter revenue at the JV had fallen 11%, including an 1.8% decline for the six weeks before the 16 July fire at the Erith customer fulfilment centre, and a 19% plunge for the seven weeks after the fire. Trainers and sports apparel retailer JD Sports Fashion posted a large rise in first-half profit after sales bounced back as lockdowns eased, with the shares running 10.3% higher at £11.58. The company, however, decided not to pay an interim dividend. Its pre-tax profit for the six months through July jumped to £364.6 million, up from £41.5 million year-on-year, as revenue rose 53% to £3.89 billion. JD Sports said it may pay a larger full-year dividend subject to its performance over the remainder of the year and 'taking into account the consequences of any potential further restrictions on trading'. Cyber security adviser NCC fell 3.4% to 303p as it reported a 54% rise in annual profit, underpinned by higher sales and margins, though it held its dividend steady amid a rising cost outlook. Pre-tax profit for the year through March increased to £14.8 million, up from £9.6 million year-on-year, as revenue climbed 2.6% to £270.5 million. Train and bus ticket distributor Trainline fell 2.2% to 369.6p as it said it would return to profitability in the first half after sales recovered following an easing of lockdowns. Adjusted earnings before interest, tax, depreciation and amortisation for the six months through August was expected to be between £13 million and £15 million, the company said in a trading update. Defence contractor Chemring fell 2.9% to 320p as it said its order book had risen in value, providing visibility for the rest of the year and instilling confidence that its results will meet analysts' expectations. In a trading update for the year through October, the company said its order book at 31 August was worth £464 million, up from £450 million at the end of April. Distribution and services group Bunzl was up 1.8% to £26.14 as it said it had agreed to acquire US-based safety business and a medical supplies distributor McCue Corporation, for an undisclosed sum. Story provided by

Latest News
Related News
FTSE 100 Latest