Aeroplane company easyJet could face bad times ahead with the continuation of the heat wave in the UK – even if it is interspersed with thunder storms.
“The budget airline fell 51p to £13.36 as analysts said the hot weather would discourage people from booking a quick break abroad in search of the sunshine. As a result, HSBC cut its recommendation on the company, which issues an update on Wednesday, from overweight to neutral and its target price from £15 to £14.50.
Meanwhile Carpetright closed 4.5p lower at 677p after the company said soaring temperatures had put people off traipsing to the stores to buy floor coverings. Like-for-like sales at its UK shops fell 1.9% in the 12 weeks to 20 July, after having risen 5.6% in the fourth quarter.
Overall, after a positive start following upbeat comments on the Chinese economy, the FTSE 100 finished 25.73 points lower at 6597.44. A disappointing reading on the Richmond Fed manufacturing index for July, which came in at -11 rather than the expected +9, took the shine off, albeit reinforcing the idea that the US Federal Reserve will not end its bond buying programme in the immediate future.
Miners were lifted by the China news, where the country's premier vowed to keep economic growth above 7%. So Glencore Xstrata led the risers in the FTSE 100, up 13.7p at 282.7p, while Rio Tinto rose 97.5p to £30,Eurasian Natural Resources Corporation climbed 8.2p to 219.3p and Anglo American added 30p to £14.35p.
But Tullow Oil slumped 74p to £10.41 after announcing a dry well in French Guiana.
The company also said a well in Mozambique had found only a small amount of gas. Tullow owns 27% of the French Guiana project, with Northern Petroleum, down 5% at 30.5p, holding a 1.25% stake.
Elsewhere BSkyB dropped 20p to 830p as James Murdoch, deputy chief operating officer of the newly formed 21st Century Fox, reportedly said it had no plans to bid for the satellite business again, although it did not intend to decrease its 39% stake either. News Corporation, before it was demerged into Fox and a newspaper business, bid for BSkyB but was forced to withdraw its interest amid the phone hacking scandal.
But Sage added 6.2p to 359p after the software specialist said it would meet its strategic and financial goals after trading in line with expectations in the past three months despite weakness in Europe.
Vodafone slipped 1.1p to 192.9p despite Telefonica Deutschland - the third largest mobile operator in Germany - agreeing to buy the fourth largest player E-Plus for around €8bn.
Meanwhile Vodafone chairman Gerard Kleisterlee told the company's annual meeting it would seriously consider any offer for its 45% in US joint venture Verizon Wireless, but there were no new developments.
Imagination Technologies tumbled 32.1p to 250.7p on worries about future growth.
According to analysts, the chip designer has been replaced by Arm in one of Samsung's new chips, while a slowdown at Apple (which reports results later) would also be bad news for Imagination.
Meanwhile Arm, which reports on Wednesday, dipped 8p to 898p. On Monday rival Intel said it planned to launch a low-power version of its server processors, which could head off the likes of Arm which are moving into the server market from smartphones and tablets. Intel meanwhile is moving in the other direction, raising competition fears for Arm.
Finally Premier Foods, the company behind Hovis, Mr Kipling and Oxo, finished 5.25p higher at 90.25p. after reporting better than expected half year profits, but many in the City still believe it will need a fundraising at some point.
Premier said underlying trading profits - excluding restructuring charges and interest on its debt - rose 50% to £47.4m, and it said full year figures would be at the top end of market forecasts.. It is currently restructuring its baking business and plans to halve the number of its suppliers. It has also been selling off unwanted assets to cut its borrowings, and help with its pension deficit.”
If you are interested in using easyJet to travel, contact their customer services department and speak with a member of their team – all of whom are willing to assist with any enquiry you might have. Click Here for all contact information, or Click Here for the most recent news articles pertaining to Easyjet.
This article was originally published on The Guardian
“The budget airline fell 51p to £13.36 as analysts said the hot weather would discourage people from booking a quick break abroad in search of the sunshine. As a result, HSBC cut its recommendation on the company, which issues an update on Wednesday, from overweight to neutral and its target price from £15 to £14.50.
Meanwhile Carpetright closed 4.5p lower at 677p after the company said soaring temperatures had put people off traipsing to the stores to buy floor coverings. Like-for-like sales at its UK shops fell 1.9% in the 12 weeks to 20 July, after having risen 5.6% in the fourth quarter.
Overall, after a positive start following upbeat comments on the Chinese economy, the FTSE 100 finished 25.73 points lower at 6597.44. A disappointing reading on the Richmond Fed manufacturing index for July, which came in at -11 rather than the expected +9, took the shine off, albeit reinforcing the idea that the US Federal Reserve will not end its bond buying programme in the immediate future.
Miners were lifted by the China news, where the country's premier vowed to keep economic growth above 7%. So Glencore Xstrata led the risers in the FTSE 100, up 13.7p at 282.7p, while Rio Tinto rose 97.5p to £30,Eurasian Natural Resources Corporation climbed 8.2p to 219.3p and Anglo American added 30p to £14.35p.
But Tullow Oil slumped 74p to £10.41 after announcing a dry well in French Guiana.
The company also said a well in Mozambique had found only a small amount of gas. Tullow owns 27% of the French Guiana project, with Northern Petroleum, down 5% at 30.5p, holding a 1.25% stake.
Elsewhere BSkyB dropped 20p to 830p as James Murdoch, deputy chief operating officer of the newly formed 21st Century Fox, reportedly said it had no plans to bid for the satellite business again, although it did not intend to decrease its 39% stake either. News Corporation, before it was demerged into Fox and a newspaper business, bid for BSkyB but was forced to withdraw its interest amid the phone hacking scandal.
But Sage added 6.2p to 359p after the software specialist said it would meet its strategic and financial goals after trading in line with expectations in the past three months despite weakness in Europe.
Vodafone slipped 1.1p to 192.9p despite Telefonica Deutschland - the third largest mobile operator in Germany - agreeing to buy the fourth largest player E-Plus for around €8bn.
Meanwhile Vodafone chairman Gerard Kleisterlee told the company's annual meeting it would seriously consider any offer for its 45% in US joint venture Verizon Wireless, but there were no new developments.
Imagination Technologies tumbled 32.1p to 250.7p on worries about future growth.
According to analysts, the chip designer has been replaced by Arm in one of Samsung's new chips, while a slowdown at Apple (which reports results later) would also be bad news for Imagination.
Meanwhile Arm, which reports on Wednesday, dipped 8p to 898p. On Monday rival Intel said it planned to launch a low-power version of its server processors, which could head off the likes of Arm which are moving into the server market from smartphones and tablets. Intel meanwhile is moving in the other direction, raising competition fears for Arm.
Finally Premier Foods, the company behind Hovis, Mr Kipling and Oxo, finished 5.25p higher at 90.25p. after reporting better than expected half year profits, but many in the City still believe it will need a fundraising at some point.
Premier said underlying trading profits - excluding restructuring charges and interest on its debt - rose 50% to £47.4m, and it said full year figures would be at the top end of market forecasts.. It is currently restructuring its baking business and plans to halve the number of its suppliers. It has also been selling off unwanted assets to cut its borrowings, and help with its pension deficit.”
If you are interested in using easyJet to travel, contact their customer services department and speak with a member of their team – all of whom are willing to assist with any enquiry you might have. Click Here for all contact information, or Click Here for the most recent news articles pertaining to Easyjet.
This article was originally published on The Guardian
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