FTSE recovers from its lows to regain the 7,000 mantle

  • Jul 26, 2021
  • Stock Market Wire

FTSE recovers from its lows to regain the 7,000 mantle StockMarketWire.com - The FTSE 100 had recovered a little from its intra-day lows by midday on Monday to trade back above 7,000 although still down 0.3% at 7,007.64.

Overnight Asian bourses slid after China announced an overhaul of its education tech sector, banning tutors from making profits or raising capital.

Investors also are bracing for a big week on the US earnings calendar, with the likes of Alphabet, Apple and Facebook all due to report in the coming days.

Closer to home, low-cost carrier Rynair ascended 2.7% to 16.16p, even as it booked a deeper first-quarter loss and guided for either a small loss or breakeven for the full year.

On a more positive note, Ryanair bumped up its annual passenger volume forecast to between 90 million and 100 million, up from previous guidance of the lower end of 80 million-to-120 million.

Meat company Cranswick gained 0.4% to £40.16 as it reported a 9.6% rise in first-quarter revenue, underpinned by higher sales volumes, including from its new poultry facility in Eye, Suffolk.

Cranswick said its outlook for the full year remained in line with its expectations.

Retail and leisure property investor NewRiver REIT rose 1.2% to 87.9p, having agreed to sell its community pubs business to Admiral Taverns for around £222.3 million.

The pubs business, held in Hawthorn Leisure REIT, comprised 674 leased & tenanted and operator managed community pubs.

Green energy investor Octopus Renewables Infrastructure Trust firmed 0.2% to 105.8p following news that it had agreed to acquire a portfolio of solar PV sites in Ireland from Statkraft for up to €145 million.

The portfolio consisted of five sites near Dublin that were expected to have an installed capacity of up to 250 megawatts.

Consultancy firm Science Group rallied 7.5% to 451.5p, having posted a rise in first-half profit after it boosted sales at its R&D and regulatory divisions.

Science Group's profit for the six months through June more than doubled to £5.4 million, up from £2.5 million year-on-year.

Defence contractor TP climbed 4.2% to 3.44p on announcing that it had terminated a sale process for its maritime engineering business after it didn't receive high enough offers.

TP also announced that it had appointed David Lindsay as its permanent chief executive following a review of its business.

Investment trust F&C Investment Trust edged up 0.1% to 862.23p after its first-half net asset value modestly topped its benchmark.

F&C s net asset value total return for the six months through June was 12.3%, bettering an 11.1% return on the FTSE All-World Index.

Advertising group S4 Capital added 0.1% to 698p after it acquired digital transformation firm Destined, for an undisclosed sum.

Destined was founded in 2014 by Andrew France in Australia and had offices across Asia Pacific.

Digital performance publisher XLMedia slid 2.2% to 53.3p as it stuck to its annual revenue guidance after its sales rose 16% in the first half, though its earnings fell amid pressure on its casino unit.

XLMedia also announced that restructuring efforts would see it reduce its total workforce by 15%.

Funeral group Dignity was unchanged at 799p following news that it had appointed John Castagno as its new chairman

Castagno's appointment would see executive chairman Gary Channon become chief executive only, as planned.

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