FTSE firms above 7,000 as construction malaise dogs sterling

Writer, Stock Market Wire
Monday, February 4, 2019 - 12:03

The FTSE 100 consolidated its position above 7,000, up 0.3% at 7,039.91 by midday after weak UK construction data but the pound under pressure.

Ryanair descended 3.4% after it swung to a third-quarter loss, as lower ticket prices weighed. The budget carrier also announced that chief executive Michael O'Leary had extended his contract by another five years.

Regional carrier Flybe went in the opposite direction, rallying 12.5% to 3.6p, as the ex-CEO of Stobart, Andrew Tinkler, proposed an alternative financing proposal to Virgin Atlantic and Stobart's current takeover bid.

LARGE AND MID CAP RISERS AND FALLERS

Mining company Ferrexpo dropped 10.6% to 234.45p after announcing that it was probing payments made to a charity, potentially delaying the release of its results.

Pharmaceutical group Indivior said it had agreed to sell its rights to a Chinese opioid addiction treatment to Pukang for up to $122.5m. Its shares gained 2.7% to 118p

Security and other services supplier Serco sealed a A$1.01bn (£560m) contract with Bupa to provide services to Australia's defence forces. Its shares ticked up 0.6% to 113.2p

SMALL CAP RISERS AND FALLERS

Sensor systems supplier Transense Technologies jumped 11% to 48.3p on news licensee GE had been selected by the US Army to provide new engines for its Boeing AH-64 Apaches and Sikorsky UH-60 Black Hawks.

Telematics and data supplier Trakm8 dropped 5.1% to 28.9p as it warned of an up to 35% fall in annual revenue, blaming delayed orders in its fleet division owing to Brexit uncertainty.