StockMarketWire.com - FTSE 100 inches higher after two-day sell-off

After opening lower, the FTSE 100 steadied itself on Tuesday following a two-day sell-off, as upbeat German data soothed nerves around the recent escalation of trade tensions between the US and China. At 11.45, the blue chip benchmark was up 4.74 points at 7,228.6.

LARGE AND MID CAP RISERS AND FALLERS

British engineering bellwether Rolls-Royce shed 1.7% to trade at 801.2p after it booked a first-half loss, owing to restructuring charges, financing expenses and costs associated with fixing blade problems in its Trent 1000 engines.

The company, however, stuck to its guidance for the full year of achieving an underlying profit and free cash flow of £700m, plus or minus £100m.

Sirius Minerals tumbled 25% to 11p on announcing that it had decided to suspend a proposed $500m corporate bond offer 'due to current market conditions'.

The offer of senior secured notes was part of a funding drive to underpin the development of the company's flagship fertilizer project in Yorkshire.

Domino's Pizza rose 1.7% to 237.8p, despite a weaker international performance sending its first-half profit south. The pizza chain also announced the departure of chief executive David Wild.

Hotel giant InterContinental Hotels cheapened 54p to £52.35, despite posting a rise in first-half profit, as investors focused on a weaker revenue-per-room performance.

Industrial flow-control equipment manufacturer Rotork rallied 8.1% to 309p, even as it booked a 4.5% fall in first-half profit on lower sales. The company also forecast flat sales for the full year, implying an improved performance in the second half.

Specialist engineer for the defence, aerospace and energy sectors Meggitt advanced 5.2% to 600.6p as it upped its revenue growth guidance for the full year amid a 7% rise in first-half adjusted profits.

Plastics producer Synthomer gained 2.4p to trade at 282.2p, despite booking a 34% fall in first-half profit owing to weaker economic conditions hurting sales.

Lower sales were weighted to the first quarter and the company said its performance had improved in the second quarter.

Oil company Cairn Energy clipped ahead 3.6p to 149.6p, having sold a 10% stake in the Nova development offshore Norway.

Inter-dealer broker TP ICAP edged 0.3p higher to 283.1p despite reporting a weakening in its first-half underlying profit amid a fall in global broking revenue.

Online fashion retailer Boohoo bounced up 3% to 237.1p after confirming media speculation it has made an offer to acquire the online business of British brands Karen Millen and Coast from the administrators.

SMALL CAP RISERS AND FALLERS

Cosmetics group Warpaint London sank 28% to 56.5p after it issued a profit warning, blaming adverse currency movements and increased spending on its US business.

Credit hire and legal services firm Anexo (ANX:AIM) advanced 9.6% higher to 193.5p after revealing that this year's pre-tax profits will 'significantly exceed current market expectations' thanks to increased case settlements and an improvement in the funding of its working capital.

Luxury furniture retailer Walker Greenbank shed 1.5p to swap hands at 86p as it reported a 0.7% fall in first-half revenue on a constant currency basis, while citing challenging trading conditions.

Story provided by StockMarketWire.com


Story provided by StockMarketWire.com