The FTSE 100 is down 18.39 points to 7,769 although the index had reached dizzying heights this week as oil majors rallied. Trade war fears were stoked again with an escalation of rhetoric from President Donald Trump.
Pharma giant AstraZeneca (AZN) retreats 3.1% to £51.80 as the company reports core operating profit is down 46% to $896m in its first quarter. The company did manage to increase product sales by 3% to $4.99bn but some losing the patents on some drugs has adversely impacted the company.
Struggling retailer Carpetright (CPR) ticks up 8% to 35.9p as the company has announced a fully underwritten plan to raise around £60m via a placing. The placing will not place if it is challenged by shareholders in the company.
Motor finance specialists S&U (SUS) backs up 1.3% to £27.25 as it reports that impairments have risen to 25.8% over a 12 month period. However its core car lending business, Advantage Finance, is enjoying record expansion of customers and receivables from 1 February to 17 May.
Building services company TClarke (CTO) gains 3.8% to 84p as it announces that it expects revenue and profits to be in line with market expectations. This means that for the year ending 31 December 2018 revenues should be around £300m with under lying pre-tax profit of £7m. The dompamny also says that it is ‘seeing no lack of opportunities’.
Oil and gas exploration company Zenith Energy (ZEN) drops 3.1% to 6.25p as it says that it will have to use a more powerful rig to gain access to one of its oil wells. The company has confirmed its gross oil production revenue reached a record high in Azerbaijan in April of $505,000.