The FTSE 100's record close yesterday as the pound’s value plummeted due to Brexit issues has been followed by the market opening down by 32 points to 7,526.56.
Heading the UK corporate news is engineer GKN (GKN) which falls 8% to 324.70p after releasing a profit warning regarding legal claims. The company expects these claims to result in a charge of around £40m in its fourth quarter and they relate to its Aerospace and Driveline divisions. The company says the claims are ‘commercially sensitive’ with no additional information available at this time.
Beleaguered doorstep lender Provident Financial (PFG) got some reprieve from its recent woes as it ticks up 7.5% to 848p. The company has confirmed it will take a pre-exceptional loss between £80m and £120m in its home credit business for 2017. Its other businesses, including Vanquis Bank, Satsuma and Moneybarn, are said to be making good progress.
Emerging market focused asset manager Ashmore (ASHM) is up 9.9% to 388p after gaining an extra 11% in assets under management (AUM) for the quarter ending 30 September. Its AUM reached $465bn.
Investment manager Man Group (EMG) ticks up 3.9% to 187p as its funds under management increased by 7.9% to the quarter ending 30 September reaching $103.5bn. The company enjoyed inflows of $2.8bn into its alternative risk premia and emerging market debt strategies. It was also helped by positive market moves, adding $3.3bn.
On the AIM market, mining company Anglo Asian Mining (AAZ) is up 5.6% to 33.25p on releasing a production update for its third quarter to 30 September. The company has enjoyed a 19% increase in gold production and has reduced its net debt to $25.2m from $29m at 30 June 2017.
Small biotech firm Premaitha Health (NIPT:AIM) gains 1.7% to 7.50p after securing three new laboratories in the United Arab Emirates and Saudi Arabia. It has also gained new customers in the Middle East who will send samples to the company’s own labs. It is hoped these new labs will be operational by early 2018.
