The FTSE 100’s end of year rally has failed to extend to 2018 as the blue chip index trades 27 points lower on the first of trading in the New Year. At 8.45am, it was 0.36% lower at 7,660.
Miners, oil producers and insurers are some of the worst FTSE 100 performers. Among the stragglers is oil giant BP (BP.) which dips 0.4% to 520.8p after saying it will incur an approximate $1.5bn one-off charge in its fourth quarter results as a result of the US corporate income tax falling to 21%.
Among the select few FTSE 100 stocks in positive territory, utilities firm Centrica (CNA) tops the leader board with a 2.1% rise to 140.15p.
Catering giant Compass (CPG) dips 11p to £15.89 as investors digest the tragic news of CEO Richard Cousins’ death in a plane accident in Australia on New Year’s Eve. Cousins was due to retire in March. Incoming CEO Dominic Blakemore’s appointment has been brought forward as a result of Cousins’ sad death.
British Airways owner International Consolidated Airlines (IAG) edges 3p higher to 654p on the acquisition of assets of Austrian airline NIKI, formerly part of the failed Air Berlin, including up to 15 A320 family aircraft and ‘an attractive slot portfolio at various airports including Vienna, Dusseldorf, Munich, Palma and Zurich’.
Patisserie (CAKE:AIM) advances 1.2% to 357.5p on talk that is considering a takeover offer for Gail’s bakery. Sky News reports that Patisserie, whose chairman Luke Johnson owns Gail’s parent company Bread Holdings, is looking to raise £35m to help fund a deal potentially worth in excess of £150m.
Online electricals retailer AO World (AO.) improves 2.4% to 112.6p, despite the news New York-based Baron Capital Management has reduced its stake from 4.99% to 1.39%.
Inland Homes (INL:AIM) advances 3.3% to 62p as the Southern England-focused housebuilder and brownfield regeneration specialist posts a bullish trading update and a positive outlook statement.
Chief executive Stephen Wicks says Inland is ‘well placed to achieve further significant growth in 2018’, with his charge’s housebuilding programme at a record level ‘with over 500 homes currently under construction and a healthy pipeline of new development projects in place for the coming months’.
FTSE 250 banking and investment group BGEO (BGEO) says its real estate arm has bought a 50% stake in boutique hotel in Tbilisi for $4.1m. The news coincides with Georgia raising water tariffs by 23.8% for residential customers and lowering them by 0.4% for legal entities. This is relevant as BGEO owns a utility and energy business in Georgia.
Wealth manager St James’s Place (STJ) nudges ahead 0.6% to £12.33 on confirmation that Andrew Croft has started as chief executive and Craig Gentle has started as chief financial officer.
The People’s Operator (TPOP:AIM) crashes by 76.8% to 0.1p as a share suspension is lifted. The troubled mobile virtual network operator undertook a heavily discounted fundraising before Christmas as a last resort to keep trading.
Oncimmune (ONC:AIM) jumps 13.3% to 119p after striking a framework deal to sell its early cancer detection technology in China.
Primary Health Properties (PHP), an investor in modern primary healthcare facilities, perks up 0.8p to 117.8p on welcome news of new financing arrangements with Aviva and Lloyds.
