London markets post a modest gains in early trade on Friday as investors continue to digest the implications of Donald Trump’s presidential victory on a relatively empty day in the corporate and economic calendar.
Insulation products group SIG (SHI) spooks the market with a substantial profits warning and sees its chief executive, Stuart Mitchell, axed. The shares crash 23.5% to 88.6p as SIG states that tough trading conditions and strong competition in the UK will mean a big miss on profits. Iyt now estimates pre-tax profit of between £75m to £80m, far shy of the £92m consensus forecast previously. Read Shares web story exclusive.
Global mobile satellite communications provider Inmarsat (ISAT) will provide in-flight broadband to a number of Austrian Airlines' fleet as part of its new ‘GX for Aviation’ programme. The contract will see the FTSE 250 company kit out more than 30 Austrian Airlines aircraft from the Airbus A320 family, news that sees the shares add 2.2% to 739p.
The FTSE 100 nudges around 15 points higher to 6,843.
On Wall Street Thursday, the Dow 30 closed up 1.2%, making a new all-time high in the process, the S&P 500 ended up 0.2% while the Nasdaq Composite fell 0.8%.
Oil exploration minnow Mosman Oil & Gas (MSMN:AIM) slides more than 10% to 1.48p as HSBC cuts its stake in the business below the disclosure threshold.
Gold miner Atalaya Mining (ATYM:AIM) rallies close on 9% to 116.88p with investors still in positive mood following last month's upbeat operational update of its Proyecto Riotinto project. It showed a 97% quarter-on-quarter hike in output to 8,752 tonnes.
Berenberg initiates coverage of EasyJet (EZJ), Ryanair (RYA) and International Consolidated Airlines (IAG) as it takes a deep look at the airlines sector. Irish flyer Ryanair comes out very well with a ‘buy’ recommendation and €16.00 price target, Berenberg analysts noting that it is the lowest-cost airline and looks a clear structural winner in the European airline space.
