UK stocks open 0.8% higher amid Brexit compromise hopes

Writer, Stock Market Wire
Tuesday, January 29, 2019 - 09:04

UK stocks opened stronger on Tuesday amid reports warring factions of Britain's ruling conservative party had met to hammer out a compromise plan that could prevent a disorderly Brexit.

At 0853, the benchmark FTSE 100 index was up 50.66 points, or 0.8%, at 6.797.76.

Domino's Pizza sagged 8.0% on guiding for annual pre-tax profit at the lower end of expectations owing to weaker sales in Norway and Iceland.

Consumer goods group PZ Cussons reversed 9.6% as 'extremely challenging conditions' in Nigeria drove a 20% fall in first-half profit and a full-year guidance downgrade.

Royal Mail slumped 8.3% after it downgraded its letter volume guidance, blaming the impact of new European privacy regulations and 'business uncertainty'.

Wealth manager Hargreaves Lansdown dropped 6.7% after rising market volatility sent its assets under administration south in the first half.

House-builder Crest Nicholson gained 3.6% as a fall in annual profit at least met its recently-downgraded guidance.

Healthcare services provider UDG Healthcare rallied 9.5% as it forecast its annual earnings per share to rise by up to 6% following a 'good' start to the year. Cosmetics group Warpaint London dropped 9.6% as its forecasts for a rise in annual revenue and adjusted profit nevertheless failed to meet investor expectations.

Business software provider Sopheon added 1.5% on guiding for profits significantly ahead of upgraded market expectations after it won new customers.

Marketing group SpaceandPeople dropped 4.4% after warning that it now expected to post a full-year loss amid tough conditions on the high street.

Consumer healthcare company Venture Life gained 6.4% on guiding for annual adjusted earnings 'at least' in line with market expectations, as its revenue jumped.