The FTSE 100 takes its cue from weak trading in the US overnight to trade slightly lower at 7,505.95 despite weakness in the pound.
Travel operator TUI (TUI) ticks up 2.1% to £14.68 as trading remains in line with expectations despite the hot summer in its main markets and therefore confirms its guidance for underlying earnings to rise at least 10% this year. This follows a warning from its rival Thomas Cook (TCG) earlier this week.
Underlying pre-tax profit fell nearly 4% at Saga (SAGA) in the first half of 2018 as the company continues to make what it characterises as the necessary investments in new customer acquisition. Investors are unimpressed and the stock slips 3.3% to 121.8p.
Underlying pre-tax profits fell 3.7% to £106.8m in the six months to 31 July 2018.
The company says it had made ‘significant progress’ in gaining new customers in the first half and is starting to see the benefits from the overhaul of its systems.
TV and film rights business Entertainment One (ETO) reiterates guidance and confirmed it was track to meet expectations after its family and brands segment performed 'strongly' in the first half of year driven by increased licensing and subscription deals.
The earnings to net debt ratio is anticipated to be approximately 1.8 times at the end of the current financial year in line with previous guidance, the company adds. The shares track down 0.2% to 381.4p.
DCC also announced it had acquired the Jam Group of Companies, which had an initial enterprise value of $170m.
The acquisition of Jam would significantly strengthen DCC Technology's position in the North American market, DCC says. The company separately announces a placing of 10% of its stock to boost its coffers.
The market reacts to the implied dilution with the shares falling 5% to £69.45.
Restaurant and pub operator Mitchells & Butlers (MAB) remains confident it will deliver full-year results in line with expectations as the hot summer and the World Cup helps boost like-for-like sales.
In the 8 weeks to 22 September, like-for-like sales growth was up 2.2% on a calendar basis (adjusting for the additional week in the company's 2017 accounting period).
The period also saw a more normalised split between drink and food sales following a period of very strong drink growth over the summer. The shares rise 2.6% to 263.6p.
Trading platform IG (IGG) falls 8% to 675p as it reveals chief executive Peter Hetherington is to step down with immediate effect. Chief financial officer Paul Mainwaring will step into his shoes on a temporary basis, Hetherington has been CEO since 2015 but has been with the company since 1994.