Fears there will be no progress on US tax reform ahead of the Thanksgiving break is helping to put markets on the back foot. The S&P 500 closed down 0.4% overnight and by midday the FTSE 100 was 0.3% lower at 7,463.17. Distribution and outsourcing group Bunzl (BNZL) was the biggest faller on the FTSE 100 as Goldman Sachs trimmed its price target on the stock from £26.00 to £25.00. The shares were down 6.2% to £21.66. Broker downgrades also dog luxury goods firm Burberry (BRBY) which fell 4.2% to £17.11 as analysts responded to yesterday's announced strategy shift. LARGE AND MID CAP RISERS AND FALLERS FTSE 250 support services company Capita (CPI) was down 1.5% to 495.8p after agreeing to pay a further £66m to settle with the FCA over the Connaught Income Series 1 Fund. The fund went into liquidation in 2o12 and Capita settled in 2016 for £18.5m. However, the FCA decided that Capita Financial Managers (CFM) had not met all the regulatory requirements between 2008 and 2009. CFM is no longer part of Capita as it has disposed of its Asset Services business. Defence company Ultra Electronics (ULE) fell 5.2% to £16.27 as it revealed the timeline for getting its acquisition of US rival Spartan passed by US regulators. The company expects a decision from the Department of Justice by the end of March 2018. Miner Vedanta Resources (VED) lost 3p to 850.50p despite revealing it had swung into profit for the six months to 30 September. It made a $21m profit compared to a $64m loss for the same period a year ago. Semiconductor wafers designer IQE (IQE) gained 15.9% to 162.25p as it successfully raised £95m to fund its growth plans. SMALL CAP RISERS AND FALLERS Metals machining company Castings (CGS) dropped 4.9% to 437.3p as pre-tax profits fell to £5.9m in the six months to 30 September. This is down from £7.1m on the year before. However, revenue was up to £61.7m from £57.9m. AIM-quoted energy company Gulfsands Petroleum (GPX) was marked down 6% to 5.88p as its announced it is exiting Morocco. The company is immediately winding down its activities in the North African country.
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