BT, Hikma Pharmaceuticals and Mondi

“The FTSE100 opened tentatively with investors awaiting the Bank of England’s interest rate call, inflation report and monetary policy summary at midday,” says AJ Bell Investment Director Russ Mould.

“BT’s shares were down in early trading after the telecom giant posted a 19% drop in profits, unveiled plans to cut 4000 jobs and stripped the chief executive and former finance director of their annual bonuses. BT’s remuneration committee described the past year as challenging but investors will be discouraged by the outlook with BT scaling back on its planned dividend growth. BT’s shares were down by more than 1.6% in early trading.

“Hikma Pharmaceuticals was the biggest blue-chip faller after it warned there was now a low likelihood that its generic version of GlaxoSmithKline's Advair Diskus for the treatment of asthma would receive US approval this year. Hikma is currently reviewing the US Food and Drug Administration’s response to the group’s abbreviated new drug application. Hikma’s shares were down by over 8%.

“Mondi’s shares were down in early trading after underlying first quarter operating profits fell by 6% to €252m. Strong sales volume growth was more than offset by a significantly lower forestry fair value gain, inflationary cost pressures and lower average selling prices. Mondi is experiencing some inflationary cost pressures across the group and the forestry fair value gain is expected to be lower than in 2016. Mondi’s shares were down by over 4.8%.”

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