The FTSE 100 is treading water at around the 7,150.25 in early trading as traders look ahead to the latest rates decision from the US Federal Reserve on Wednesday.
Software firm Micro Focus (MCRO) plunges 40% to £11.29 as it warns revenue will fall between 6% and 9% in 2018 against previous guidance for a drop of between 2% to 3% and chief executive Chris Hsu quits the group. The problems are linked to its $8.8bn purchase of HPE Software which completed in September 2017.
Shopping centre landlord Hammerson (HMSO) gains 26.7% to 553.6p on a news of a rebuffed bid of 615p per share from French real estate investor Klepierre.
Banking firm Barclays (BARC) is the top FTSE 100 riser, up 3.1% to 215.9p as it notes activist investor Sherborne has taken a 5.16% share in the group.
Industrial buyout business Melrose (MRO) dips 0.5% to 223p following a pledge to put £1bn into GKN’s (GKN) pension scheme as it attempts to convince shareholders to accept its bid for the company.
Brickmaker Michelmersh Brick Holdings (MBH:AIM) books a fall in annual profit, with costs associated with its acquisition of Carlton offsetting rising revenue. Pre-tax profit fall 26% to £3.3m, as revenue is up 26% to £37.9m.
However, investors focus on a postitive outlook statement and a 42% increase in underlying operating profit increased to £6.5m. The shares are up 7.8% to 84.1p.
Loo roll manufacturer Accrol’s (ACRL:AIM) troubled life as a public company continues as it reveals it expects to post a pre-tax loss of £13m.
