The FTSE 100 closed modestly higher on Wednesday ahead of the signing of phase one of the US-China trade deal. Helping the exporter-heavy index was a fall in the pound against the euro, though the currency fared better against the dollar. It came after UK inflation dropped to a three-year low of 1.3% last month, raising the prospect of an interest rate cut by the Bank of England on 30 January. The UK's benchmark index closed 20.45 points, or 0.27%, up at 7,642.80. LARGE AND MID CAP RISERS AND FALLERS House builder Persimmon firmed 0.39% to £28.07, despite its annual revenue falling 2.4%, as the company curbed its rate of home completions to improve customer service and build quality. Vistry, the house builder formally known as Bovis Homes, dipped 2.9% to £13.03 despite announcing that it expected to deliver record annual profits slightly ahead of market consensus. Technical products supplier Diploma was having a tougher day, reversing 2.84% to £18.47, despite its first-quarter revenue rising 9% on-year. Strong growth at Diploma's seals sector was offset by a more subdued performance at its life sciences business. Tullow Oil plunged 15.51% to 50p as it foreshadowed impairment charges and exploration write-offs of around $1.5bn, after it lowered its oil price assumptions and reserves estimates. The company also stuck to its recently-downgraded production and cash flow forecasts. Rival oil company Cairn Energy gained 0.61% to 196.6p as it and joint venture partners Woodside and FAR made a final investment decision to develop the Sangomar oil field in Senegal. Power utility SSE rose 1.92% to £14.86 having completed the sale of its retail unit to OVO Energy, for £500m including debt, following receipt of regulatory approvals. Precious metals miner Hochschild gained 2.68% to 168.5p after it beat its annual production forecast, following stronger-than-expected output in the final quarter. Emerging markets fund manager Ashmore firmed 0.8% to 551.39p after its assets under management was boosted in the fourth quarter by positive investment returns and fresh fund inflows. Builders merchant Travis Perkins traded flat at £16.19 as it appointed Christopher Rogers as chairman designate of soon-to-be separated DIY chain Wickes. Subprime lender Provident Financial gained 5.3% to 444p on flagging full-year results in line with market forecasts, as a better-than-expected performance at its Vanquis Bank unit offset a weaker showing at Moneybarn. SMALL CAP RISERS AND FALLERS Online fashion retailer Quiz slumped 17.4% to 15.5p as its sales dropped 9.3% over the crucial Christmas trading period. Bowling alley operator Ten Entertainment added 0.32% to 311p on growing its annual sales by 10.2% after refurbishing some of its sites. Legal and professional services firm Ince plunged 48.31% to 46p after it launched a cash call at a huge discount to the prevailing price, looking for up to £16m at 45p per share to slash debt and bolster working capital resources.
Sign up to our
Subscribe to the latest investing news by entering your email address below
You can opt out at any time.
For five days a week you will get
- The latest company news
- Insight into investment trends
- Round-up of director's buys and sells
- Articles from Shares magazine
Plus more useful investment content and occasional promotional offers.
UK 350 Risers and Fallers
Tweets not available.