It’s a quiet day in terms of UK corporate news for investors on Wednesday with much attention focused across the pond to Cupertino and Apple’s latest iPhone X announcement.
That news does little for the tech giants suppliers, certainty here in the UK. Shares in graphics chips designer Imagination Technologies (IMG), still stuck in litigation proceedings with Apple, radio frequency shielding kit maker Laird (LRD) and Cardiff-based compound wafers developer IQE (IQE:AIM) all fade in the wake of the US the giant’s announcement overnight.
Investors are clearly perturbed by news that the new handset will not ship until November.
British home furnishings retailer Dunelm (DNLM) says it expects British consumers’ disposable incomes to be under pressure as it reports a drop in sales in the 12 months to June. But that takes nothing away from otherwise impressive full year results to 1 July, sending the share price soaring more than 7% to 655.5p.
In company news on Wednesday, British speciality pharmaceutical company Alliance Pharma (APH:AIM) reports an 8.4% rise in first half revenue, helped by international sales of its scar reduction product and eye supplement. The stock stays flat at 52.5p, valuing the business at £248m.
British bicycles to car parts retailer Halfords (HFD) on Wednesday names Dixons Carphone (DC.) executive Graham Stapleton as its new chief executive with effect from January next year. The stock nudges 1% higher in early trade on Wednesday, to 317.1p.
Shares in retirement-focused financial services firm Just Group (JUST) remain largely unchanged despite reporting 39% growth in its adjusted operating profit for the first half to 30 June. The share price is changing hands for 161.4p.
Elsewhere, infrastructure and construction company Balfour Beatty (BBY) is in the red after selling Blackpool Airport for £4.25m. The stock is off 0.3% at 236.1p.
Broadcaster ITV (ITV) is lower after being cut to 'underperform' by analysts at research house Macquarie, pushing the share price 1.2% lower to 159.2p.
Similarly, insurer Esure (ESUR) is under the cosh as investment bank UBS downgrades the stock to 'sell' from 'neutral'. That news weighs heavily on the stock, down more than 4% at 251.9p.
British motor insurer Sabre is apparently planning an initial public offering (IPO) that could value it at £600m after failing to find a buyer. That’s according to sources close to the company, says Reuters.
