Concerns regarding the spread of the Delta variant and that the turmoil in Afghanistan would weigh on Joe Biden’s presidency contributed to weakness in American markets. Both the S&P 500 and the Nasdaq were trading 1% lower by the London close.
The FTSE100 index ended the session 20 points higher at 7176.07, while the FTSE 250 Index closed 39 points lower at 23,672.
MAJOR MOVERS
The day’s big mover on the FTSE 100 was miner BHP (BHP), which confirmed it had signed a deal that would see it merge its oil and gas assets with those of Australian energy firm Woodside Petroleum. BHP shares closed 3.4% higher at £23.58.
The standout performer in the FTSE 250 Index was Plus500 (PLUS), which gained 5% to £15.02 after forecasting annual revenue ‘significantly ahead’ of analyst estimates.
However the firm's first half results revealed some worrying trends in customer acquisition costs, EBITDA and revenue. The company has undoubtedly benefited from the pandemic as bored individuals have engaged in financial speculation as an alternative to live sports betting.
As the economy returns to normality, the transient benefit experienced by Plus 500 may dissipate. Shares were trading 5% higher at the close.
TUI (TUI), the world’s largest tour operator, was one of the heaviest losers on the FTSE 250 Index, giving up 3% to 313p at the close despite recently posting results showing a surge in bookings as a result of pent up demand.
IN OTHER NEWS
FTSE 250 publisher Future (FUTR) gave up most of the ground gained a day after unveiling the £300 million takeover of rival Dennis to trade 4.4% lower at the close at £37.
Food delivery platform Just Eat Takeaway (JET) added 2.8% to £63.10 despite reporting wider first-half losses pinned on investment spending.
In mitigation, the firm said its losses had reached a nadir and it stuck to its full-year guidance.
Telecom group BT (BT.A) ended the session down 1.8% at 174p after announcing it had appointed Adam Crozier to succeed Jan du Plessis as chairman from 1 November.
Crozier currently was previously chairman of hotel group Whitbread (WTB) and online retailer ASOS (ASC:AIM).
Climate management solutions group Genuit (GEN) rose 4% to 661p after upgrading its annual outlook. The company reported a 7.6% rise in first-profit profit thanks to a boost from acquisitions.
Genuit said it now expected full-year underlying operating profit be 'ahead of previous management expectations.’
Engineering and technology staffing company Gattaca (GATC:AIM) shed 7.3% to 227p despite also lifting its forecasts amid a recovery in the recruitment market.
Gattaca said it expected continuing underlying pre-tax profit for the full year to be above £3 million, compared with market consensus forecasts of £2.7 million.
Brake-disc manufacturer Surface Transforms (SCE:AIM) jumped 4.6% to 65.5p on news that it had been selected as a tier-one supplier to a 'major mainstream US automotive company' in a contract worth around £20 million.
FOR A LIST OF FTSE RISERS AND FALLERS SEE HERE
Disclaimer: The editor of this story owns shares in Surface Transforms
