The FTSE 100 index of leading UK stocks is down 0.3% in early trade at 6,950 points, in line with the softer tone in European markets.
Weighing on the index are the banks, metal and mining stocks and oil & gas producers.
In company news, retailer Dixons Carphone (DC.) delivers a Christmas trading update which doesn’t contain any nasty surprises for a change.
Group like-for-like sales were up slightly including the UK and Ireland, with good progress in electricals but continued weakness in mobiles.
The group also confirmed its full year pretax profit guidance of £300m. Shares rally 4% to 143p in celebration.
The latest trading update from budget airline EasyJet (EZJ) also contains no negative surprises, to the relief of shareholders.
Underlying revenue per seat was up last quarter and although the recent drone incident at Gatwick will mean a one-off cost, ‘underlying progress is in line with expectations’ according to the chief executive.
EasyJet shares trade up 2% to £11.90.
Shares in gambling firm IG Group (IGG) tumble 9% to 583p after the company reveals a 17% fall in first half pre-tax profits as a clampdown by regulators crimps trading income.
The company repeated its previous call that full year revenues and profits would be below last year’s level and it is hoping for a rebound next year.
Infrastructure services provider Kier Group (KIE) delivers an in-line trading update for the last quarter but adds a surprise board change.
Having won a number of big contracts since the middle of November the company now has ‘100% visibility’ of forecast full year revenues and an order book north of £10bn.
However it is parting ways with chief executive Haydn Mursell who is stepping down immediately to be replaced by chairman Philip Cox.
The shares, which were heavily shorted ahead of last year’s £250m rights issue, trade sideways at 524p.
Fertilizer producer Sirius Minerals (SXX) reports further progress with backers and with construction at several of its sites.
The firm says it is ‘on track’ to achieve first polyhalite and commercial production on time and in line with its cost schedule.
Shares are slightly easier after the update, down 2% to 22p.
