The FTSE 100 falls 0.6% to 7,429, dragged down by weakness in mining and utility stocks.
Sofa maker DFS (DFS) falls 22.3% to 197.75p after issuing a profit warning. The company says the trading environment has weakened beyond its expectations and that it has seen significant declines in footfall in its shops.
That news prompts a sell-off in other retail stocks, particularly those with larger ticket prices. Rival sofa seller SCS (SCS) falls 9.2% to 151.95p; curtains-to-quilts retailer Dunelm (DNLM) declines 6.3% to 599.5p; and fridges-to-washing machines seller AO World (AO.) retreats 3.7% to 124.2p.
Majestic Wine (WINE) falls by 2.2% to 376.25p after reporting a loss of £1.5m for the year to 3 April 2017. Chief executive Rowan Gormley says the company is ‘past the tipping point, both financial and operationally’ as it continues a transformation plan.
Market research company System1 (SYS1:AIM) sees its share price fall by 13% to 750p after flagging a slow first quarter trading period.
Sports nutrition minnow Science in Sport (SIS:AIM) sprints 3% higher to 88p as CEO Stephen Moon says his charge has signed an agreement to fuel British triathletes in the lead up to Tokyo 2020.
In the pharma sector, Angle (AGL:AIM) was a clear winner as positive news triggered a 20% share price hike to 76.45p. Researchers said the cancer diagnostic firm’s Parsortix system found a rare cell in a blood of prostate cancer patients.
Angle discovered the number of these cells in the blood was correlated with higher patient survival, marking the first time the cells were connected with cancer prognosis.
Imperial Leather and St Tropez brand owner PZ Cussons (PZC) reported a robust trading update, but it wasn’t enough to win over investors as its shares fall 0.3% to 342.3p.
