27th Aug 2014 09:14
LONDON (Alliance News) - UK stocks have edged higher on a quiet Wednesday morning as stock-specific news takes centre stage, pushing economic data, central banks statement and geopolitical tensions to one side - for now at least.
At mid-morning Wednesday the FTSE 100 is marginally higher at 6,825.41, the FTSE 250 is 0.2% up at 16,034.12, while the AIM All-Share index is up 0.9% at 777.43.
European indices have not performed as strongly, with the CAC 40 and the DAX Performance both down 0.1%.
The only significant economic news of the morning came from Germany and the GfK consumer confidence survey. The reading was 8.6 for September, missing the consensus and last month's figure of 9.0. The German economic confidence has been undermined of late by the ongoing conflict in eastern Ukraine, due to Germany's strong trade relations with Russia.
"Uncertainty about how far [Russian President Vladimir] Putin will go in his semi-covert war against Ukraine, and how the West will have to react to that, is hitting business sentiment and investment in the exposed economies of core Europe," said Berenberg's chief economist, Holger Schmieding. "As long as Putin continues to escalate the conflict, growth in core Europe will remain very tepid at best."
Morrisons leads FTSE 100 gainers, up 2.9%, which Sainsbury's leads fallers, down 2.0%, after the release of the latest Kantar market-share data, covering the 12 weeks to August 17. Sainsbury's lost market share after sales growth in the period lagged behind its biggest rival Asda. Morrisons stemmed the rate of decline in its sales in the period, and its market share held steady from the immediately prior 12-week period.
Foxtons leads the FTSE 250 fallers despite posting promising interim results. The estate agent reported it will once again reward shareholders with a special dividend, after a strong first half underpinned by recovery in the London housing market.
The company said it will pay an interim dividend of 1.77 pence and a special dividend of 2.77 pence. At the full-year the company paid a final dividend of 1.70 pence and a special dividend of 3.74 pence per share - a total of 5.44 pence per share.
The additional dividend comes amid a strong financial performance with pretax profit up 57% to GBP23.1 million for the six months ended June 30 from GBP14.7 million a year earlier, as revenue rose 16% to GBP72.8 million from GBP62.6 million, driven by strong sales and mortgage broking growth.
Foxtons shares were down 6.1% at mid-morning Wednesday.
Meanwhile, Polymetal International is amongst the top-gainers in the FTSE 250 index after it said revenue in the first half inched up, but it swung to a net profit after impairment charges and foreign exchange losses that hit its results last year weren't repeated.
The company reported net earnings in the six months to June 30 of USD100 million, compared with a net loss of USD255 million in the first half of 2013, when it recorded non-cash foreign exchange losses and impairment charges. Polymetal also declared an interim dividend of USD0.08 per share, compared with a dividend of USD0.01 per share last year. The company's shares are up 2.2%.
By Neil Thakrar; [email protected]
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
FoxtonsPOLY.L