Luxury leather goods maker Mulberry (MUL:AIM) slumps 23% to 691.5p as recent sales disappointment triggers a profit warning. The English luxury brand's profits for the year to March will be 'substantially below' expectations due to wholesale order cancellations from Korea, disappointing UK sales amid heavy discounting as well as store expansion costs.
Supermarkets operator Sainsbury's (SBRY) sheds 2.2% to 348.8p on news well-regarded chief executive officer Justin King is to step down in July after 10 years at the helm. Group commercial director Mike Coupe is King's surprise successor.
A 23.5% hike in the dividend and analyst upgrades help put a shine on recruitment consultant Staffline (STAF:AIM). Adjusted pre-tax profit rises 16.1% to £12.5 million and it moves to £4.9 million net cash versus £4.6 million net debt a year earlier. The shares rise 9.9% to 540.25p, although it's worth noting that the stock has been heavily sold down over the past week over allegations of mis-selling insurance policies to workers. We look at the situation in more detail here. Staffline is a running Shares Play of the Week.
Disaster strikes mobile apps platform supplier Mobile Streams (MOS:AIM) thanks to the slumping Argentinian peso, where £3.3 million of its £4.6 million cash is tied up. Buried well down a trading update is a warning that revenues and profits will be hit this year, sending the shares spiralling more than 31% lower to 44p. Read our news analysis on today's events.
Oil major Royal Dutch Shell (RDSB) ticks up 0.6% to £22.45 as it sells 23% of the BC-10 project offshore Brazil to Qatar Petroleum for $1 billion. Shell, which is scheduled to report its full-year results tomorrow having already warned on profits earlier this month (17 Jan), will retain a 50% stake in the development.
Barclays (BARC) rises 3.3% to 282.5p on reports it is closing a quarter of its 1,600 UK branches and cutting 4,000 investment banking jobs. It plans to replace branches with smaller outlets in Asda supermarkets to help slice £1.7 billion off costs by next year.
The persistent wet weather soaking the UK since December has benefited engineering services group Renew (RNWH:AIM) whose Seymour subsidiary has been helping protect homes from flooding. The small cap rises 5.8% to 193p after a bullish trading update which includes news of strong cash generation. Renew is one of Shares' picks for 2014.
The big data opportunity gathers pace at Malaysian software supplier Fusionex (FXI:AIM) after winning its first contract for the Giant platform. That news sparks a 16% jump in the share price to a record 677.5p. Shares flagged the scope for an exciting 2014 earlier this month at 397.5p.
Branded soft drinks business Britvic's (BVIC) fizzing share price run continues, up another 4p to 705p on a robust first quarter performance including 5.6% international sales growth. The Robinsons-to-Fruit Shoot maker also says trading in the first few weeks of the second quarter is ahead of last year.
Gift packaging-to-greetings card designer and manufacturer International Greetings (IGR:AIM) gains 3.4% at 77p on a third quarter trading update. The £42.2 million cap performed well over Christmas and pleases with news debt levels are lower than expected with cash generation offsetting rising capital expenditure.
Iodine producer Iofina (IOF:AIM) gains 1.6% to 82.6p as it confirms two new processing plants are progressing to plan and it will hit internal production targets for 2014. The company saw its shares slump at the end of last year after warning on 2013 earnings.