The UK stock market gets off to a slow start in early trade on Tuesday with most market watchers predicting that the FTSE 100 will pare some of the gains made on Monday. The UK blue chip index closed 0.9% higher at 7,377.09 points yesterday, bolstered by strong gains among financials, miners and energy companies as oil prices firmed.
Early deals show the FTSE 100 off by around 30 points at 7,345.
Britain's second biggest supermarket Sainsbury (SBRY) saw sales growth accelerate in its latest quarter, helped by inflation and a spate of warm summer weather. That excites the shares to gain about 1.2% to 252p, although the company cautions that trading conditions remain tough.
NO GROUND MADE WITH APPLE
British chip designer Imagination Technologies (IMG) has made no progress in its battle with its biggest customer Apple. Management remain committed to plans to sell the company triggered by the dispute and is continuing with talks with potential buyers, Imagination reveals alongside full year to 30 April results. Those results show revenues up and a bounce back into the black at an operating and pre-tax profit level, sending the shares close on 5% higher to 150.5p. Imagination stock has rallied 22% since it announced its intention to sell the entire company on 22 June.
Budget airline Ryanair (RYA) reports a 12% rise in passenger numbers in June as load factor ticked higher. Low-cost peer Wizz Air (WIZZ) posts even better figures, showing a 23.6% jump in passenger numbers in June to 2.49m, while load factor - which gauges how full the flights were - nudged up to 92.3% from 91.7%. Shares in both airlines nudge about 0.5% ahead, Ryanair to €18.18, while Wizz Air is trading at £24.19.
Oilfield services company Hunting (HTG) on Tuesday says revenue for the first half has been bolstered by onshore drilling in the United States, particularly in shale oil regions such as the Permian basin in West Texas. That pleases investors although not by much, the stock making just 0.4% gains to 493.2p.
POSITIVE CANCER DATA
Shares in cancer treatment technology developer Angle (AGL:AIM) jump going on 10% to 74.5p after the company reported successful headline data in US and European ovarian cancer studies in 400 patients.
Steam, pumps and fluid technology company Spirax-Sarco (SPX) confirms it had completed the acquisition of Chromalox on Tuesday. The $415m deal was first announced on 26 May sparking a 9% share price jump on that day. The stock has since eased back, unmoved today at £53.90, just 1.8% above the pre-deal announcement price.