Despite fears Trump’s planned tariffs on aluminium and steel might prompt a trade war the FTSE 100 is 0.3% higher in early trading at 7,092.36. Though this represents a modest recovery from Friday’s sell-off when the index hit its lowest level in more than a year.
Defence firm Ultra Electronics (ULE) falls 17.3% to £12.23 as it terminates its $234m acquisition of Sparton after anti-trust review from the US Department of Justice goes against it. The company also reveals underlying operating profit fell 8% year-on-year in 2017 thanks to lower defence orders from the UK.
Several of its defence peers including Rolls-Royce (RR.), down 2% to 801.2p, fall in sympathy.
Shares in newspaper publisher Trinity Mirror (TNI) tick up 2.4% to 77.3p as it unveils plans for a name change to Reach, following its acquisition of titles including the Express and Star. Its 2017 results show revenue down 12.6% to £623m, underlying profit is down 8% to £122m.
Troubled support services firm Interserve (IRV) gains 11.7% to 61.8p as the founder of Punch Taverns (PUB) Alan McIntosh buys up £140m worth of its debt ahead of a refinancing deadline. Reports suggest the Scottish investor is planning a rescue of the group.
On AIM mining outfit Metminco (MNC:AIM) falls 35% to 1.5p as it announces plans for a A$5.3m rights issue to fund an exploration effort on its assets in Colombia.
