Stagecoach, Dixons Carphone and Petra Diamonds

“The FTSE100 opened on the back foot following falls on Wall Street and Asia. Sterling was ahead on the dollar, but down on the euro,” says AJ Bell Investment Director Russ Mould.

“Bus and train operator Stagecoach was the FTSE250’s biggest faller in early trading after full-year statutory pre-tax profits plunged to £17.9m, down from £104.4m last time. Stagecoach has invested heavily in greener vehicles, smart technology and skilled employees to improve services to passengers but it is also having to make provisions to reflect the weak growth environment affecting the UK rail sector. Stagecoach’s shares were down by more than 5.7%.

“Dixons Carphone’s shares rose following a strong full-year performance with headline pre-tax profits up 10% at £501m. The group is holding up well in the current unsettled consumer environment but it recognises there will undoubtedly be changes in the way people buy all of the products that it sells, from phones to washing machines, and its challenge is to find propositions that keep it compelling to customers. Dixons Carphone’s shares were up by over 2.7% in early trading.

“Petra Diamonds was an early faller after it warned that results for the year would be below forecasts. The company is on track to achieve record revenue and production figures but output is estimated to be around 8-9% lower than guidance due to slower-than-anticipated build-up of its expansion programmes across its operations. Petra Diamonds’ shares were down by more than 4.2%.”

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