The FTSE is down by 0.78% to 7,644 ahead of the G7 meeting with the world’s seven largest economies and fears an impending trade war may dominate the agenda.
Asset manager Standard Life Aberdeen (SLA) slips 3.7% to 350.7p as UK bank Lloyds (LLOY) sells its entire stake in the firm, which was a not insignificant 3.3% and worth £344m. Tensions between the two companies had been high since the asset manager lost its mandate to manage Lloyds’ £109m Scottish Widows portfolio.
Standard Life Aberdeen’s decision to launch a contract dispute process over the matter seemed to anger Lloyds which may explain today’s decision to sell its holding.
Telecoms firm BT (BT.A) shares rise slightly to 203.3p after announcing that it is replacing Gavin Pearson as chief executive. During his tenure, shareholders in the company have lost 24% of their investment which may suggest that they want a new leader.
Brewery and pubs company Fuller, Smith & Turner (FSTA) weakens 1% to 960p as its results show that beer and cider volumes are flat in a ‘challenging market place’. The company’s results for the year to 31 March show revenues up 5% to £403.6m with adjusted profits gaining 3% to £43.2m both on a year-on-year basis.
Fantasy games maker Games Workshop (GAW) is down 4.3% to £29.17 as investors may be taking profits following an upbeat trading statement. The company says it expects revenues for its year to 3 June to be about £219m and pre-tax profits not less than £74m.
Publishing company Time Out (TMO) is up 3.8% to 83p as CEO Julio Bruno says the company continues to make ‘good progress across all lines of business’. He adds that the company continues to trade well and is confident of meeting their strategic and financial goals this year.
Chemicals company Synthomer (SYNT) loses 2.3% to 528.5p as it reveals it is the subject of a European Commission investigation. The EC is looking into any companies that have been purchasing Styrene monomer in the European Economic Area and the investigation seems to be concerned with competition law.
