StockMarketWire.com - FTSE slumps 2% as inflation fears mount, tech stocks sell-off

The FTSE 100 had slumped 2.2% to 6,969.14 by midday after an overnight rout in US tech stocks linked to mounting concern about inflation.

Supermarket group Morrisons bucked the trend, climbing 1.4% to 185.6p, on announcing 5.3% growth in first-quarter sales that put it firmly on track to meet its annual earnings guidance.

Morrisons said its annual pre-profit before exceptional items was expected higher than the £431 million it would have achieved for 2020/21, had it not waived £230 million of business rates relief.

Cocktail bar group Revolution Bars was also defying the wider market rout, rallying 12% to 35.89p after it upgraded its profit guidance as it continues to re-open sites amid an easing of lockdowns.

Revolution Bars said the 25 of its 66 sites that had opened for outdoor trading since 12 April had experienced strong demand, which it expected to apply to the remaining bars, too, as restrictions continue to ease.

Infrastructure fund 3i Infrastructure fell 1.2% to 293.5p, even as it raised its annual dividend after reporting annual returns of 9.2%.

3i Infrastructure declared a final dividend of 4.9p per share, taking the total dividend for the year to 9.8p, up 6.5% year-on-year.

Ingredients and flavouring supplier Treatt gained 3.8% to £11.1605, having upgraded its annual guidance and increased its divided as it reported a 73% jump in first-half profit.

Treatt declared a full-year dividend of 2p per share, up 8.7% year-on-year, and said annual pre-tax profit before exceptional items would be at least £20 million, above consensus of £18 million.

Care-based social homes investor Civitas Social Housing reversed 0.7% to 116p, despite lifting its annual dividend target after reporting annual performance that met its expectations.

Civitas declared dividends for the year through March of 5.4p per share and lifted its dividend target for the current financial year to 5.55p.

Telecommunications infrastructure company Helios Towers fell 1.2% to 168p following news that it agreed to acquire a passive tower infrastructure portfolio from telecom company Omantel for $575 million.

Brazil-focused miner Serabi Gold slipped 1.0% to 73.25p as it moved to terminate the employment contracts of two senior managers after it identified cash withdrawals that lacked documentary support.

Enterprise software group Oxford Metrics added 1.8% to 97.74p after its motion measurement business Vicon won a contract from game developer Sharkmob.

Cleaning products group McBride shed 0.9% to 82.87p as it secured a €175 million sustainability linked credit facility.

Among three targets attached to the facility were a requirement for McBride to up the percentage of its renewable energy use to 70% in the 2026 financial year, up from 5.9% in the 2020 financial year.


Story provided by StockMarketWire.com