Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Markets

News : Markets
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

Diageo, Unilever drag FTSE 100, AstraZeneca outshines

share with twitter share with LinkedIn share with facebook
share via e-mail
07/25/2019 | 12:24pm EDT
Financial traders work at their desks at CMC Markets in the City of London

(Reuters) - London's FTSE 100 lost ground on Thursday with a slew of negative earnings readings from blue-chips including spirits company Diageo, while AstraZeneca was a stand-out performer after raising its 2019 product sales forecast.

The main stock market index <.FTSE> inched lower by 0.2%, but still outperformed its U.S. and European counterparts, while the mid-cap FTSE 250 <.FTMC> was up 0.2% with gains led by aerospace firm Cobham that surged after a buyout offer.

Diageo slumped 3.4% after its capital return plans were less than what some analysts had expected, though the company reported higher annual profit helped by the popularity of its "Game of Thrones" inspired scotch.

Software firm Sage and information and analytics provider Relx slumped 10.4% and 3.7%, respectively, after downbeat updates, while consumer goods giant Unilever fell as rainy weather hit ice cream sales in Europe and North America.

Helping contain the losses was AstraZeneca, which jumped nearly 8% to an all-time high after raising its annual product sales forecast, as cancer drugs helped its second-quarter results beat analysts' estimates.

Market sentiment broadly weakened after the European Central Bank meeting, in which ECB President Mario Draghi all but pledged to ease policy further as the growth outlook deteriorates, and said that there was no discussion of a rate cut.

"Draghi indicated they didn't really even discuss a cut today so that's what surprised the market and that's why we're seeing this reversal, but it doesn’t change the bigger picture," said Jeremy Gatto, investment manager at Cross Assets Solutions team in Unigestion.

Among midcaps, Cobham soared 34.5% to 165.8 pence, roughly matching the 165 pence per share offered by U.S. private equity group Advent International that valued the London-listed company at $5 billion.

"It's the latest sign that more firms are happy to go private and take them out of the glare of public markets," Wilson said. "It's also a sign that weakness in sterling continues to make UK companies attractive to foreign buyers."

However, gains on the FTSE 250 were kept in check by Metro Bank, which plunged more than 19% to an all-time low after it disclosed that customers had pulled 2 billion pounds out this year following an accounting error and said its founder would stand down as chairman.

Shares of Aston Martin, which shed over a quarter of their value after the luxury carmaker cut its 2019 volumes forecast in the previous session, fell another 18%, deepening its losses for the year to 47%.

(Reporting by Shashwat Awasthi and Muvija M in Bengaluru; Editing by Shounak Dasgupta and Frances Kerry)

By Shashwat Awasthi and Muvija M

Stocks mentioned in the article
ChangeLast1st jan.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC -1.47% 470.6 Delayed Quote.-60.97%
ASTRAZENECA -0.64% 6729 Delayed Quote.15.31%
DIAGEO -0.47% 3096 Delayed Quote.11.50%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
HSBC HOLDINGS PLC 0.52% 604.7 Delayed Quote.-7.00%
METRO BANK PLC 0.00% 195 Delayed Quote.-88.48%
RELX 0.43% 1747 Delayed Quote.7.61%
STANDARD CHARTERED 2.09% 665 Delayed Quote.6.91%
THE SAGE GROUP PLC 0.43% 693 Delayed Quote.14.73%
UNILEVER PLC -1.47% 4558 Delayed Quote.12.60%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Markets"
04:25pWALL STREET STOCK EXCHANGE : U.S. Stocks Climb to Start a Busy Week of Earnings
04:19pMARKET SNAPSHOT: Stocks Close Higher; Dow's Ascent Clipped By Boeing's Slump
03:48pWALL STREET STOCK EXCHANGE : U.S. Stocks Climb to Start a Busy Week of Earnings
03:38pGlobal stocks climb on hopes for progress in trade; dollar up
12:47pEUROPE : European shares rise amid Brexit tussle as focus shifts to earnings
12:35pUK stocks hold firm as no-deal Brexit fears fade
12:10pWALL STREET STOCK EXCHANGE : U.S. Stocks Climb to Start a Busy Week of Earnings
11:43aLONDON MARKETS: Pound Dips, FTSE 100 Steady As Boris Johnson's Bid To Hold New Brexit Vote Rejected
11:29aEUROPE MARKETS: Banks Drive European Markets Higher As Investors Monitor Brexit Developments
10:44aBoeing is the Worst Performer In the DJIA Today -- Data Talk
Latest news "Markets"