– The FTSE 100 fell 123.39 points to 6,630.31.
– The FTSE 250 sank 267.79 points to 17,554.54.
– The FTSE All Share tumbled 64.48 points to 3,619.16.
– The FTSE AIM All Share finished 13.54 points lower at 755.00.
Dixons Carphone (DC.) saw its shares drop by 9.1p to 456.6p amidst fears that its Kotsovolos chain of stores will be further impacted by the current chaos in Greece. The group had been trading fairly well lately, with large screen TVs selling especially quickly, but newly imposed bank controls are likely to impact spending on consumer durables. The chain owns 70 branches in Greece.
Armadale Capital (ACP) shares rocketed upwards by 26.8% to 6.5p after a company in which it has a significant stake announced a major acquisition. Armadale currently holds 35% of Mine Restoration Investment, which plans to buy a large chunk of an ore processor, and has previously said that it plans to dispose of its holding.
Panmure Gordon stuck to its “buy” rating on Wentworth Resources (WRL) but slashed its target price by 65p to 50p. The firm announced that it had raised fresh capital via a private placing on Friday in order to fund a project in Tanzania. Analyst Colin Smith commented, “we remain buyers of the stock, but take a more cautious view in light of the continuing delays getting to first production and the use of equity, rather than debt financing”. The shares declined by 2.3% to 31.75p.
3Legs Resources (3LEG) lost £35 million during 2014, more than 8 times more than in the prior year. There were no revenues recorded for the period as the firm completed its transition from an oil and gas exploration outfit to an investment firm. Shares in the company closed the day at 0.3p.
Shares in Redde (REDD) rose by 8.25p to 137p after it said that it would exceed expectations for the year ended 30th June after a strong final quarter. Cash generation was good and the firm held £64.9 million at the end of May. The company is continuing to pursue historic claims against insurers and will pay the proceeds of these claims to shareholders as a special dividend.
Tomorrow’s news today
Carpetright (CPR), Imagination Technologies (IMG), and Northgate (NTG) will release final results tomorrow.
Quarterly GDP estimates and trade figures for the UK will also be published.
Quote of the day
“There’s lots of things that can be solved with cash.”
– Danny Boyle