Following yesterday’s apparent terrorist incident in Barcelona, the FTSE 100 opens down 56 points at 7,331.91 following overnight falls in Wall Street and Asia. The S&P 500 fell 1.5% as fears over the ‘Trump trade’ persist.
Specialist distributor Connect (CNCT), formerly WHSmith News, ticks up 1.6% to 103.88p. The largest distributor of newspapers and magazines by market share announces that Mark Whiteling will join the board as a non-executive director and take on the role as chairman of the audit committee. The company’s chairman Gary Kennedy is stepping down from the role.
Construction and building insulation provider Kingspan (KGP) rises 5.2% to 30.15p as first half results to 30 June show a 19% rise in revenue to €1.75bn. The company’s trading profit is also up 6% to €177.8m and Kingspan declares an interim dividend of €0.11 per share, a 10% increase year on year.
The Renewables Infrastructure Group's (TRIG) shares cheapen 0.24p to 108.7p despite reporting a 63% increase in pre-tax profits to £31.1m for the six months to 30 June. Earnings per share is also up 35% to 3.5p and the company flags a robust performance despite ‘challenging weather conditions’ according to chairman Mary Mahy.
Listed trust Pershing Square (PSH), which has big bets in US companies similar to its hedge fund relative Pershing Square Capital Management, falls 2.9% to £10.75 after releasing half year results to 30 June. The trust has not performed well, returning -2.3% including fees due to poor performances from its short position in Herbalife and long position in US mortgage firm Fannie Mae/Freddie Mac.
Forbidden Technologies (FBT:AIM) sparks up by 2.1% to 6.12p as it announces it has expanded a deal with an ‘iconic sports, music and entertainment venue in New York’. The venue has been using the company’s Forscene video platform which Forbidden says allows the unnamed venue to be the first to market the distribution highlights of the events held at the location.
