StockMarketWire.com - The main markets were flat as a result of mixed trading updates and weaker service sector growth in the UK.

The FTSE 100 rose last minute 0.5% to 6,558.23, while the FTSE 250 dropped 2.2% to 15,756.39.

Investors also panicked about Standard Life stopping investors from withdrawing cash from one of its property funds. That had negative read-across to other property collectives on the market.

Standard Life Investments Property Income Trust (SLI) fell 9.7% to 70p and F&C Commercial Property Trust (FCPT) dropped 7.5% to 101.9p.

Housebuilders and construction stocks were among the biggest blue chip fallers after disappointing construction data continued to impact investor confidence, as well as the wider property market concerns.

Land Securities (LAND), Taylor Wimpey (TW) and Berkeley (BKG) fell by up to 4.7%.

West Texas Intermediate (WT) crude oil slid 2.3% to $47.87 and Brent crude oil was down 1.9% to $49.15 per barrel, respectively.

Gold glittered at $1,344.4 per ounce, while copper cheapened 1.2% to $4,828.20 per tonne.

MAIN NEWS OF THE DAY

Blue chip housebuilder Persimmon (PSN) was caught up in the sector sell-off despite reporting strong trading in the first half of the year. It fell 3.8% to £13.81.

Brickmaker Forterra (FORT) retreated by 4% to 123.5p after saying it would temporarily close two factories amid Brexit uncertainty and large brick stockpiles across the industry.

The growth of the UK service sector weakened in June, which matched the 38-month low in April, according to the latest survey from Markit and CIPS.

MID CAP RISERS AND FALLERS

Real estate developer St. Modwen Properties (SMP) said it would adopt a cautious stance post-Brexit, prompting the shares to crash 8.6% to 236.8p.

Paving specialist Marshalls (MSLH) issued a trading statement with higher revenue driven by stronger sales in May and June and a weaker order book, causing shares to decline 4.2% to 220.8p.

Europe's largest low-cost airline Wizz Air (WIZZ) flagged an increase in passenger numbers in June, but the market remained negative on the sector following profit warnings from EasyJet and IAG last month. Wizz Air shares fell 2.8% to 1,603p.

SMALL CAP RISERS AND FALLERS

Self-propelled support vessel provider Gulf Marine Services (GMS) received an early termination notice for a contract in the MENA region, forcing the company to implement cost-saving initiatives. Shares dropped 15% to 39.9p.

Land specialist MJ Gleeson (GLE) reported more house sales and claimed it wasn't affected by Brexit. The company said it expected to meet the top end of earnings expectations, pushing it 3.9% higher to 467.5p.

Pubs operator Young's & Co (YNGA) revealed slower trading over the past six weeks and retreated 1.5% to 1,200p.

Computer graphics processor developer Imagination Technologies (IMG) fell 5.3% to 174p after revealing its full-year revenue declined as a result of difficult trading conditions and restructuring of the business.

Budget gym operator the Gym Group (GYM) reported trading for the first half of the year met expectations, but this failed to impress investors, causing shares to retreat 7% to 200p.

Chariot Oil & Gas (CHAR) secured a drilling partner in Eni for the Rabat Deep licence in Morocco, but warned of an ongoing need to weather lower oil prices for longer. Shares slid 4.5% to 5.7p following the update.

Musical instrument retailer Gear4music (G4M) barely moved to 110p after saying European like-for-like sales had improved in the week following the EU referendum vote, supported by favourable exchange rates.

Financial services group Tavistock Investments (TAVI) reported its full-year revenue was £10 million ahead of market expectations through organic and acquisitive growth, triggering a rise of 11.6% to 7.09p.

Tlou Energy (TLOU) shot up 17.7% to 4.8p after it was selected to develop a CBM power plan at the company's Lesedi CBM project.

Oil and gas exploration form PetroNeft (PTR) increased its production of oil thanks to the performance of three new wells at Arbuzovskoye, boosting shares 14.7% to 2.2p.

Logistics operator Connect (CNCT) issued a positive trading update as revenue rose, driven by growth in its parcels freight business. Shares advanced 1.2% to 142.5p.


Story provided by StockMarketWire.com