– The FTSE 100 closed the day at 6,550.30, a decrease of 0.44 points.
– The FTSE 250 sank 12.04 points to finish at 17,608.09.
– The FTSE All Share dropped 0.51 points to 3,586.66.
– The FTSE AIM All Share finished at 750.83, an increase of 0.96 points.
The Japanese economy shrank by 0.4% during the second quarter of the year due to a combination of weak exports and a lack of domestic consumer demand. The economy had posted growth in the previous two quarters and it had been hoped that some momentum would be retained from a stronger than anticipated start to 2015. SMBC Nikko Securities blamed the development on disappointing demand for Japanese products in the US, Chinese and other resource-exporting markets.
Housebuilder Bovis Homes (BVS) boosted its pre-tax profits by 9% to £53.8 million for the six months ended 30th June as revenues rose by the same percentage to £350.7 million. Average selling prices were up by 10% at £264,000 and legal completions hit a record 1,525. Bovis increased its interim dividend to 13.7p. Shares in the company fell by 38p to 1,163p.
Consumer law outfit Fairpoint (FRP) has completed the purchase of rival Colemans-CTTS in exchange for an £8 million cash consideration as well as the issue of three quarters of a million new ordinary shares. Management said that the purchase was an important step in the implementation of Fairpoint’s growth strategy. The shares dropped by 0.5p to 159p.
Green Dragon Gas (GDG) narrowed its pre-tax loss for the half year ended 30th June to $1.5 million (£0.96 million) from $69 million (£44.25 million) in the same period of 2014. Revenues were up by 8% on improved volume and the company did not suffer a repeat of last year’s financial impairments. Shares in Green Dragon declined by 2.38p to 285p.
Tomorrow’s news today
Persimmon (PSN), John Menzies (MNZS) and John Wood (WG.) will publish interim results tomorrow.
Inflation data for the UK will also be released.
Quote of the day
“Our greatest glory is not in never failing, but in rising up every time we fail.”
– Ralph Waldo Emerson