The FTSE 100 opens down by 27 points to 7003.66 despite a Wall Street rally overnight. The market seems to be wary over US president Donald Trump’s continued tariff war rhetoric with China as both countries continue to add to their list of tariff targets.
Advertising giant WPP (WPP) sheds 3.2% to £10.82 on news it's appointing an independent council to investigate an allegation of misconduct against chief executive Martin Sorrell. The company says ‘The allegations do not involve amounts which are material to WPP’.
The Wall Street Journal reported on Tuesday that the allegations against Sorrell involved personal behaviour and possible misuse of company assets.
FTSE 250 retailer Topps Tiles (TPT) loses 10.3% to 72.5p after reporting harsh winter weather had hurt revenue in its second quarter. For the half year ending 31 March 2018, its revenue hit £109.4m, a like-for-like increase of 0.6% on the prior year. However, the company says that in addition to the poor weather, there has been a ‘softening of the underlying market’.
Magners cider maker C&C (CCR) fizzes up 5.1% to 2.7p after revealing it is in advanced talks to acquire Conviviality’s (CVR) drinks distribution business after the latter went into administration last week. The deal will also involve drinks giant AB InBev, which is providing financial support for the deal.
Specialist media publisher Future (FUTR) gains 2.6% to 395p after announcing the acquisition of US-based information and events business Newbay Media. The deal will cost a potential £13.7m depending on the future performance of the Newbay.
AIM MARKET
Flooring products maker Victoria (VCP:AIM) ticks up 3.9% to 771p after announcing that its full year results will be ahead of market expectations. The company has diversified geographically so almost 60% of its earnings are generated outside of the UK now.
Medical device supplier Collagen Solutions (COS:AIM) crashes 33.9% to 2.15p after saying it will miss revenue expectations and post greater than expected losses. The company says that revenue for the year ending 31 March will be £3.5m, down from £3.7m in the previous year.
Property website OnTheMarket (OTMP:AIM) moves up 2.3% to 112p as it reveals its web traffic hit around 12 million visits during March this year, the first full month since listing to the market.
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