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“The FTSE100 opened in negative territory following UK Prime Minister Theresa May’s parliamentary defeat over proposed changes to Brexit and a hike in US interest rates,” says AJ Bell Investment Director Russ Mould.
“Online supermarket Ocado’s shares edged lower in early trading despite double digit growth in revenues and the average number of orders per week. Ocado’s growth has been constrained by a shortage of drivers in some areas and while this has now been largely resolved. Ocado’s shares were down by 0.4%.
“Beleaguered platinum producer Lonmin’s shares rose after the board agreed an all-share offer from South Africa’s Sibanye-Stillwater. The deal values Lonmin at around £285m and represents a premium of 57% to last night’s closing price. Lonmin has great mining assets but continues to be hamstrung by its capital structure and liquidity concerns. Lonmin’s shares were up by more than 13.7%.
“Sports Direct’s shares fell after reporting a drop in revenue in UK Sports Retail and a reduction in its gross margin. Underlying pre-tax profits grew by 22.9% in the 26 weeks to 29 October to £88m, with operating costs down by 3.9% and revenue 4.7% higher. The group’s high street elevation strategy is delivering a strong trading performance within its flagship stores and it plans to open between 10 and 20 new flagship stores next year. The group’s shares were down by more than 10.4%.”
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