Wednesday’s Master Investor Market Report

– The FTSE 100 closed the day at 6,408.72, a decrease of 117.57 points.
– The FTSE 250 fell by 202.57 points to finish at 17,414.37.
– The FTSE All Share dropped by 58.96 points to 3,517.36.
– The FTSE AIM All Share finished at 748.03, a fall of 3.15 points.

Drug manufacturer Hikma Pharmaceuticals (HIK) has stuck with its full year guidance despite performance in the first half of the year being weighed down by adverse foreign currency movements. Pre-tax profits for the half hear ended 30 June dropped by 22.3% to $170 million (£108.5 million) due to a tough comparative from last year and intense competition in the generics market. Hikma shares grew by 3% to 2,462p.

Imperial Tobacco (IMT) said that total tobacco sales volumes were down by 3% in the 9 months ended 30th June, with a fresh slowdown in the most recent quarter. However, there was progress among its portfolio of growth brands and revenues grew by 2% on a constant currency basis. Nomura reiterated a “reduce” rating and 2,720p target price. Shares in Imperial Tobacco fell 16p to 3,224p.

Insurer Admiral (ADM) beat forecasts and delivered 1% revenue growth in the first half of 2015 on the back of improved customer numbers. Profits before tax also crept upwards to £186.1 million, well ahead of analysts’ suggestions of £163 million. Admiral shares sailed 56p higher to 1,522p.

Miner Glencore (GLEN) reported adjusted EBITDA of $4.61 billion (£2.94 billion) for the six months ended 30th June, a drop of 29% relative to the same period of 2014 and somewhat below many experts’ forecasts. The company also wrote down the value of a number of assets due to the continued pressure on commodities prices. Glencore shares lost 9.74% of their value and closed at 158.95p.

Tomorrow’s news today

Premier Oil (PMO), Stock Spirits (STCK), and Kaz Minerals (KAZ) will publish interim results tomorrow, while Rank (RNK) releases its finals.

Quote of the day

“Either you run the day or the day runs you.”
– Jim Rohn