FTSE finishes down 0.7% after corporate disappointments and weak US open

Fri, 30th Jul 2021

The FTSE 100 finished the week and the month of July on the back foot, although off its lows of the day, trading down 0.65% at 7,032.30 by the close. This followed a negative reaction to some high profile corporate updates and a weaker start on Wall Street where the S&P 500 was down 0.5% at 4,397.53. NatWest Group has reported operating profits before tax of £2.5 billion, compared to an operating loss before tax of £770 million during the same period last year, in its half year results for 2020. NatWest fell 2.7% to 199.4p. Defence company Babcock unveiled a turnaround plan to improve performance after reporting wider annual losses amid a £2 billion impairment. Babcock fell 12% to 266.6 pence. Assurance and product testing group Intertek reported a jump in first-half profit following strong performance in May and June. Intertek fell 7% to £52.08. Engineering firm IMI upgraded its outlook on the annual performance after reporting 'strong' results in the first half of the year. IMI fell 0.7% to £17.39. In its half year results to 30 June 2021 Rightmove, the company that runs rightmove.co.uk, the UK's largest online real estate portal, reports revenues were up at £149.9 million, compared to £94.8 million for the same period in 2020, marking a 58% spike. Rightmove rose 3.4% to 703p. Cineworld said it had secured $200 million of incremental loans maturing in May 2024 from a group of its existing lenders, as the cinema group looked to take advantage of pent-up demand. Cineworld fell 3.4% to 64.6p. Pearson, the British multinational publishing and education company headquartered in London, has revealed a 17% jump in underlying revenue in the six months to 30 June 2021, as the figure soared to £1.6 billion. It advanced 4.2% to 879.2p. Medical products and technologies company ConvaTec said second-half performance would be back-end weighted amid tougher comparison and the ongoing Covid-19 impact after reporting a decline in first half profit. ConvaTec fell 7.9% to 237.4p. Story provided by StockMarketWire.com

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