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The FTSE100 opened on the back foot erasing some of yesterday's half-decent gains with traders mulling last night's Fed minutes and the likely knock-on effect for global economies and markets,” says AJ Bell Investment Director Russ Mould.
“Kingfisher was the biggest blue-chip faller in early trading following a drop in second quarter like-for-like sales. Screwfix continues to prosper but its double-digit increase in like-for-like sales and modest price inflation failed to offset a softer performance at B&Q. The group continues to adapt to new processes as under its transformation programme and a significant amount of change is planned for the second half while also remaining cautious on the outlook for the business in the UK and France. Kingfisher’s shares were down by 2.5%.
“Hikma Pharmaceuticals was the biggest FTSE250 faller after lowering its guidance for sales of its generics products. Full-year revenues are now expected to be at the lower end of forecasts. Hikma is taking action to deliver value from its marketed products, invest in its pipeline and enhance the efficiency of its operations but the environment remains challenging with the group facing increased competition on certain products in the US and lower than expected growth in the Middle East and North Africa region. Hikma’s shares were down by 8.8%.
“Landscape products group Marshalls was an early riser after a 16% jump in first half pre-tax profits. The group continues to outperform the Construction Products Association's growth figures and underlying short to medium term market indicators remain supportive. The group’s shares were up by more than 3.7%.
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