On a broader market level, the FTSE 100 is in positive territory compared to its European rivals the German Dax, down 0.16% and France’s CAC 40 down 0.34%. London’s Main Market is up by almost 17 points at 7,534.9.
Leading the corporate news, the market reacts well to Restaurant Group’s (RTN) trading statement which sends its share price soaring by around 10% to 348.5p. It seems the 1.8% decline in like-for-like sales for the 20 weeks ending 21 May was not as bad as some feared, hence the enthusiastic response.
Bucking the trend for declining performances of publishing houses, Informa (INF) sees its share price rise by 4.3% to 679p. The company, which also provides exhibitions, events and business intelligence, says it is on track for a fourth consecutive year of growth in its trading update.
Engineering giant Spirax-Sarco (SPX) has also pleased the market with the announcement of its $435m acquisition of Chromalox. The news sends the company’s share price up by 5.56% to £56.05. The completion of the deal is subject to regulatory approval but is expected to be completed during this quarter.
Private hospital company Spire Healthcare (SPI) sees its share price rise by 7.2p to 345p after saying it remains on track to meet market expectations for the full year ending September 2017 and says its new Manchester hospital is performing ‘satisfactorily’.
Quality assurance firm Intertek (ITRK) fails to impress the market with its trading update despite reporting revenue growth across most lines of its business. The company’s share price is down by 2.4% to £42.09 perhaps due to also reporting a 15.4% reduction in revenues from its resources division.
