Utilities drag FTSE lower

The FTSE 100 declined 0.3% to 7,013 as tobacco stocks and utility companies continued to drag the blue-chip index lower.

Centrica (CAN) and SSE (SSE) were in negative territory after Prime Minister Theresa May hinted she would increase regulations against the sector to prevent further price rises.

West Texas Intermediate (WT) crude oil slid lower to $49.77 while Brent crude oil was flat at $51.89 per barrel, respectively.

Gold was stable at $1,265 per ounce and copper cheapened 0.4% to $4,740 per tonne.


Budget airline EasyJet (EZJ) fell 6.2% to 941p on a trading update which revealed margins were squeezed. Increased capacity and passenger numbers were offset by declining revenue and increasing costs per seat, meaning profit for the year to September 2016 is likely to be down from £686m last year to between £490m to £495m.

British Airways owner International Consolidated Group (IAG) fell 2.7% on the back of the bad news.


Curtains purveyor Dunelm (DNLM) dipped 4.4% to 819.7p on a first quarter update showing a 3.8% decline in like-for-like sales, which it blamed on unusually warm weather.

DFS Furniture (DFS) nudged lower despite full year results revealing record sales, profits and cash flow as well as an 18.3% hike in the total dividend. The company said it plans a further special capital return later in the new financial year.

Specialist healthcare company BTG (BTG) bloomed 4.5% to 676p on news full year revenue is likely to reach beyond previous guidance of £540m due to the lower pound.


Noricum Gold’s (NMG) share price reacted to a proposed ‘1 for 100′ consolidation of its shares.

Server replication specialist WANdisco (WAND) plummeted 21.9% to 175p as investors were unnerved by management changes. Chairman Paul Walker and non-executive director Ian Duncan resigned following David Richards’ re-instatement as CEO.

Oil and gas explorer President Energy (PPC) crashed 32.8% to 7.73p after announcing it was forced to temporarily suspend drilling at well DP1002 S/T in Argentina.

Tengri (TEN) announced that Peterhouse Corporate Finance raised £100,000 through a share placing.

Story provided by StockMarketWire.com