London’s FTSE 100 rebounds 21.3 points to 7,115 on Friday, blue-chips having suffered their worst day in six weeks yesterday, with the upwards move spearheaded by banks and miners.

However, Scotland-based energy generator and supplier SSE (SSE) slips 1.75% lower to £11.53 after downgrading its full year earnings forecast following a delay in receiving government support. In a third quarter update, the utility giant guides towards adjusted earnings per share for the year to March in the range of 64p to 69p.

That is down from previous guidance of 70p to 75p and due to the GB Capacity market scheme, an arrangement designed to encourage investment in renewable energy, being placed on hold by the European Commission. SSE is working on the assumption it ‘will not be able to recognise the remaining £60m income derived from the Capacity Market for 2018/19 in the current financial year’.

Elsewhere, the coveted cross-border payments tiddler Earthport (EPO:AIM) sparks up 8.8% to 42.2p as the bid battle between US credit card giants Visa and Mastercard intensifies. Visa has increased its recommended cash offer from 30p to 37p in cash. This values the target at £247m and represents a 12% premium to the offer price from Mastercard, now ‘considering its options’ in response.

Falling back to earth with a thud is CloudBuy (CBUY:AIM), the cloud solutions play crashing 24.3% lower to 2.65p on news of a 25% 2018 revenue slump caused by lower sales from contracts clinched in 2016 and the fact a number of legacy deals have ended and weren’t replaced by new business. CloudBuy also warns it may well require fresh funding in order to reach breakeven.

London West End property investor Shaftesbury (SHB) cheapens 2.5p to 880.5p, despite news footfall at its locations was ‘robust’ in the lead up to and including the Christmas and New Year period. Some investors may be disappointed by the further delay to the opening of the Elizabeth Line, although the Real Estate Investment Trust insists the delay is ‘not having any noticeable impact on appetite for space in our locations, which are uniquely well-placed to benefit from the significant increase in visitors the service is forecast to deliver once it becomes fully operational.’

Mike Ashley and Philip Green-backed online retailer MySale (MYSL:AIM) is marked down 7.5% to 21p as it flags challenging first half trading and says it expects to put up an underlying loss at the EBITDA (earnings before interest, taxation, depreciation and amortisation) level. However, a second half swing back into positive EBITDA is expected thanks to cost savings and improving margins.

Social care to education services provider CareTech (CTH:AIM) cheapens 0.5p to 342.5p, despite the positive news the Competition & Markets Authority (CMA) has unconditionally cleared last year’s acquisition of sector peer Cambian.

Marketing minnow Mporium (MPM:AIM), run by CEO Nelius De Groot, gains 5% to trade at 5.25p after inking a money-spinning supply agreement with an unnamed global sports media business.

And last but not least, global legal business DWF confirms its intention to float on the Main Market next month in what could be the largest legal services flotation. For more on DWF and the quoted legal eagles, read our Big News story here.

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Issue Date: 08 Feb 2019