Rebounding miners helped lift the FTSE 100 on Tuesday, the index rising 0.5% to 7023.32 after a positive session on Wall Street last night.

Wealth manager St James’s Place (SJP) gains 5.2% to 998p as it reports third quarter assets up 8.9% thanks to market gains and robust demand for its advice in the wake of the Brexit vote.

Costa Coffee and Premier Inn operator Whitbread (WTB) slumps 2.6% to £37.43 despite first half profit coming in slightly ahead of expectations and a 5% hike in the dividend. Investors may be picking up on a reference to ‘uncertainty in the UK economic outlook’ in otherwise in line full year guidance.

FTSE 100 automotive and aerospace engineer GKN (GKN) dips 1.7% to 318p on downbeat guidance in a third quarter update. ‘In line with the global outlook, we see growth rates easing in our major markets, says chief executive Nigel Stein. ‘The automotive is now forecast to see a 1% increase in light vehicle production in the final quarter.’

Transport group National Express (NEX) is up 2.7% to 365p as it reveals operating profit up 9% in the third quarter with a particularly strong contribution from its overseas businesses.

Specialist travel agent On The Beach (OTB) gains 2.6% to 215.5p as it says underlying pre-tax profit will be slightly ahead of the top end of market expectations in the year to 30 September. Prelims are scheduled for 6 December.

Phoenix (PHNX) dips  as 11.9% to 753p the life insurer’s £735m rights issue to fund the acquisition of Abbey Life trades ex-rights. Buyers of shares from today no longer have the option to buy new shares under the equity raise, which typically leads to a decline in price. Shareholders were given the option to buy seven new shares for every 12 existing shares held at a price of 508p each.

Carpets, beds and rugs retailer Carpetright's (CPR) share price looks increasingly threadbare, off another 3.1% at 189.75p as a half year trading statement reveals a 2.9% dip in UK like-for-like sales. Trading in the core UK market has been hampered by variable consumer sentiment and a ramp up in competition from new entrants including Martin Harris' Tapi chain. Carpetright also downgrades full year gross margin guidance due to the devaluation of sterling.

Budget footwear purveyor Shoe Zone (SHOE:AIM) steps ahead 12.3% to 160p as a positive year end trading update triggers a rally in the stock. Cash-generative Shoe Zone traded well in the second half of the year, seeing little impact from the EU referendum, and also expects to report annual pre-tax profit 'marginally ahead' of the prior year.


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Issue Date: 25 Oct 2016