FTSE dragged lower by Shell

The FTSE 100 nudged lower to 6,667 as oil and mining stocks, including both Royal Dutch Shell A (RDSA) and B (RDSB) stocks, were pulled lower by over 1%.

West Texas Intermediate (WTI) crude oil was stable at $43.65 and Brent crude oil gained 0.4% to $46 per barrel, respectively.

Gold was flat at $1,321 per ounce and copper nudged lower to $4,740 per tonne.

Fashion retailer Next (NXT) disappointed the market with underwhelming results as operating profit fell from £362 million to £360.5 million, while pre-tax profit declined as a result of lower full price sales. Its shares slumped 5% to £49.49.

Supermarket chain Morrisons (MRW) made fresh gains as like-for-like sales were up and reported pre-tax profit rose from £126 million to £143 million in the half year to 31 July.


JRP (JRP) climbed 14.3% to 111.2p after IFRS operating profit soared 55% to £51 million, which was driven by lifetime mortgage advances soaring by 71%.

UK food wholesaler Booker (BOK) posted a good second quarter of sales at its stores Budgens and Londis. Investors were relaxed about declining tobacco sales, which were affected by a ban on small stores displaying these products.


Purplebricks (PURP) was in positive territory after reporting encouraging trading and ‘little discernible impact’ following the Brexit vote. Its market share in the online estate agency market strengthened to 65% this month.

Investors were disappointed with Global Energy Development’s (GED) widening operating loss of $2.8m and declining revenues, causing the firm to trade 11.6% lower.

Financial services provider Fairpoint (FRP) dropped 10.1% after exceptional costs and amortisation hit its pre-tax profit, which declined by half a million in the first half of the year.

Premier Farnell (PFL) was flat despite operating profit rising to £36.1 million for the first half of the 2016/2017 financial year, which was supported by strong sales growth in Asia Pacific.

Windows and doors provider Safestyle UK (SFE) said half-year pre-tax profit before tax increased by nearly 10% to £9.5 million, which was driven by a rise in average unit prices.

Asiamet Resources (ARS) said its feasibility studies on the Beruang Kanan Main copper deposit in Central Kalimantan, Indonesia was going well as it demonstrates excellent continuity of shallow copper mineralisation.

Story provided by StockMarketWire.com


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