Following a sharp decline yesterday as weak company earnings took their toll, the FTSE 100 has rebounded somewhat this morning.

The UK’s benchmark index opened 0.35%, or 33.7 points, higher to 7,282.08 as investors start the day in a more optimistic mood.

EVRAZ UP DESPITE FLAT SALES

That optmisim has been shared by investors in steelmaking and mining company Evraz (EVR), which has moved 0.84% higher to 369p despite reporting a fall in steel crude production following scheduled maintenance which disrupted operations.

Lower demand also weighed on Evraz’s steel sales, which were flat quarter-on-quarter.

Sales of semi-finished products were up 5.6%, but in a sign of where global infrastructure spending seems to be heading, it added that sales of finished products were 3.1% down due to ‘lower sales of flat-rolled products and railway products’.

CONSUMER CONFIDENCE HITS LOOKERS

Car retailer Lookers (LOOK) plunged 22.5% to 38.5p as it warned on profit due ongoing weakness in consumer confidence amid Brexit and political uncertainty, as well as rising costs which accelerated in the third quarter of the year.

The company said it now expected to report full year underlying pre-tax profit of approximately £20m.

CEO Andy Bruce and chief operating officer Nigel McMinn have agreed to step down in the wake of this latest disappointment.

VODAFONE OFFERS ETHICAL SMARTPHONES

Telecoms giant Vodafone (VOD) ticked 0.4% higher to 158p as it announced a strategic partnership with social enterprise Fairphone to provide its customers with ethical smartphones.

The deal with Fairphone will offer ‘the more ethical, reliable and sustainable Fairphone 3 to Vodafone retail customers in European markets including the UK, Germany, Italy, Spain and Ireland by the end of 2019’, Vodafone said.

Vodafone and Fairphone will also collaborate on best practice and share knowledge on key industry sustainability issues including the circular economy, electronic waste and responsible sourcing.

RENTOKIL BOOSTS US PRESENCE

Rentokil Initial (RTO) rose 1.6% to 461p after announcing a deal to acquire Florida Pest Control, boosting its presence in the south east of the United States, with the deal expected to complete later today or tomorrow.

Rentokil chief executive Andy Ransom said, 'This acquisition is very much in line with our strategy to acquire pest control businesses that build customer density and add to our scale in key local markets, and will make a strong contribution towards our North American revenue and margin targets.'

Mining giant BHP (BHP) edged up 0.9% to £16.48 after approving $44m in funding for its joint venture with Brazilian mining company Samarco to restart a mine in Brazil.

The funding will enable a filtration plant to built at the mine and help get the site ready to restart operations again.

Catering firm SSP Group (SSPG) nudged 0.3% higher to 639p after announcing a new chairman.

Mike Clasper, currently chairman of threads and zipper manufacturer Coats Group, will succeed Vagn Sørensen in the role.

TP ICAP FLAT DESPITE REVENUE JUMP

Global broking firm TP ICAP (TCAP) remained broadly flat at 343p despite reporting a 17% increase in revenue in the third quarter of its financial year.

Revenue for the three months through September rose to £478m, up from £408m for the same period the previous year.

But it seems the market was more concerned about the firm's full year growth prospects, with the company still sticking to its full year guidance of more subdued growth.

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Issue Date: 01 Nov 2019