FTSE falls on disappointing house price data and regulation rumours
Source - SMW
Gambling companies were down on their luck following rumours of tighter betting regulation and housebuilders suffered on projections for flat house price growth this year.
The UK is expected to be one of the few major markets where house prices are unlikely to rise this year, according to Fitch.
The downbeat forecast hit confidence in the sector with Barratt Developments (BDEV) and Berkeley (BKG) falling by up to 2%.
Reports that culture secretary Matthew Hancock supported a £2m maximum stake on fixed odd betting terminals hit shares in GVC (GVC) and Ladbrokes Coral (LCL).
Brent crude oil rose 0.9% to $69.25 per barrel. Gold was down 0.2% to $1,328 per ounce and copper was stable at $3.18 per pound.
Investors overlooked the US government shutdown on Monday with the S&P 500 climbing 0.3% to 2,818 around 4:45pm UK time.
MID AND LARGE CAP RISERS AND FALLERS
According to media reports, hedge fund Tiger Global invested over $1bn in high street bank Barclays (BARC), pushing the shares 4.3% higher to 209.2p.
Online supermarket Ocado (OCDO) surprised the market with a major international deal with Canadian business Sobeys. Ocado said it expects to deliver profits from the agreement from its 2019 financial year, helping the shares power 27.5% higher to 526.6p.
Investors overlooked Dixons Carphone's (DC.) decision to reduce its pre-tax profit guidance thanks to a 6% year-on-year increase in sales in the 10 weeks to 6 January 2018. The stock sparked 6.8% to 200.8p.
Engineering software business AVEVA (AVV) beat expectations as its improved growth continued into the third quarter. The shares advanced 5.2% to £30.54.
IMI (IMI) announced results in its hydronic engineering division are likely to be lower than anticipated, although this would not affect full year results. This did not stop the stock falling 2.8% to £13.68.
SMALL CAP RISERS AND FALLERS
A profit warning from Connect (CNCT) wiped off nearly a third of the parcels distributor's value, leaving the share price dwindling at 76p. Contract delays, slower than anticipated cost savings and margin pressures meant annual profit was cut to between £42m to £45m.
On AIM, Goals Soccer Centres (GOAL) reported that 2017 profits would be broadly in line with the lower end of market expectations, pushing the shares 5.7% lower to 73.5p.