StockMarketWire.com - The FTSE 100 didn't perform as badly as expected after the Brexit fallout with a 1.3% decline. In contrast, the more UK-focused FTSE 250 suffered a bigger drop of 4.6%.

Chancellor George Osbourne aimed to calm the financial markets, saying there wouldn't be an emergency budget as previously suggested.

The pound fell further in early trading in response to the UK's vote to leave the EU.

Housing stocks continued to decline following the shock result on Friday. Taylor Wimpey (TW.), Persimmon (PSN) and Berkeley led the way with falls of up to 15%.

Gold miners were among the top risers, with Fresnillo (FRES) and Randgold (RRS) gaining up to 8%.

West Texas Intermediate (WTI) crude oil slide 0.4% to $47.45 and Brent crude oil declined 0.3% to $48.24 per barrel, respectively.

Gold glittered at $1,330 per ounce.

MAIN NEWS OF THE DAY

Budget airliner EasyJet (EZJ) issued a profit warning following the Brexit vote and the impact of traffic control strikes and bad weather, forcing the company to downgrade its earnings guidance. Shares fell 18.5% to 1,070p.

British estate agency Foxtons (FOXT) said Brexit was partially responsible for its profit warning, saying an upturn in the London property market was unlikely to materialise. Its shares fell 21.8% to 109.7p.

MID CAP RISERS AND FALLERS

Staffing firms remained under pressure on the market after the Institute of Directors reported a quarter of its members are enforcing a hiring freeze.

Recruiter Hays (HAS), which earns a significant amount of its fees in Europe, retreated 12% to 98.6p, while PageGroup (PAGE) continued to struggle as it slid 10.9% to 277.5p.

Defence firm Ultra Electronics (ULE) reported full-year expectations remained unchanged, nudging lower to 1,667p.

SMALL CAP RISERS AND FALLERS

International staffing agency SThree (STHR) fell 10.4% to 260.1p due to the fallout from Brexit.

The market liked that Seeing Machines (SEE) was awarded an Australian Government Co-operative Research Centre project (CRC-P) grant for AU$2.25M over three years, pushing shares 2.6% higher to 2.8p.

Investment firm Craven House Capital (CRV) shot up 43% to 1.5p after announcing it plans to move from AIM to London's Main Market and price its shares in US dollars, in a bid to appeal to investors.

Online trader Plus500 (PLUS) gained 2.7% after it traded without any system glitches despite increased volume and received the highest number of daily sign-ups following the referendum result.

Infrastructure project manager Sweett (CSG) withdrew its recommendation for a 35p per share takeover bid by WSP, moving towards a 42p per share offer from Currie & Brown, climbing 21.1% to 41.8p.

Fishing tackle retailer Fishing Republic (FISH) raised £3.75 million by issuing new shares at 35p, a 17.6% discount to last Friday's closing price. Former Tesco (TSCO) boss Terry Leahy was among the investors taking part in the fund raise.

Plus-size women's retailer Bonmarche (BON) nudged lower to 119.5p as a result of market malaise, although it said new chief executive Helen Connolly would start on 15 August.

Engineer consultant Waterman (WTM) was commissioned to provide advice on two riverside residential projects in West London, but this didn't allay market fears about the group's dependence on UK for work. Its shares fell 10.4% to 73p.

Device manufacturer Surgical Innovations (SUN) said half-year revenues were expected to grow by at least 10% compared with the previous year, supported by strong growth in demand from the US, gaining 4.1% to 1.7p.

Medical diagnostics firm Omega (ODX) said full year pre-tax profit declined as a result of lower revenue from its allergy and autoimmune products, but rose to 15.8p.

East Africa-focused gold producer Shanta Gold's (SHG) New Luika Gold Mine received all approvals for its underground project and started decline development, boosting shares 12.6% to 7.6p.

Independent E&P company Trinity (TRIN) slid to 1.7p after agreeing a further extension for repayments relating to $13 million outstanding debt.

Gold explorer Orogen (ORE) executed an earn-in agreement with Galileo Resources, covering the Silverton gold-silver property in Nevada, US, causing it to advance to 0.01p.

Bioplastics business Biome Technologies (BIOM) posted lower than expected revenue, mainly as a result of reduced demand for commercialised products in the bioplastics division, triggering a drop of 31% to 100p.


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