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London open: Stocks steady after record highs; Inmarsat tumbles
London stocks were steady at the open on Tuesday after the top-flight index hit a record high the day before, as investors awaited Bank of England testimonies to the Treasury Select Committee and sifted through a raft of corporate releases.
At 0850 BST, the FTSE 100 was flat at 7,860.72, after ending up 1% at 7,859.17 on Monday, which was a record closing high. Meanwhile, the pound was up 0.1% against the euro and the dollar at 1.1401 and 1.3438.
Spreadex analyst Connor Campbell said: "It seems the market's chunky relief rally following the latest US/China trade developments - namely that the tariffs hikes from both sides are 'on hold' - was only good for one session.
"Having rocketed to an all-time high on Monday, the FTSE slowed down as Tuesday got underway. The fact the pound mounted - an admittedly meagre - rebound after the bell likely helped prevent the FTSE from building on yesterday's burst of momentum."
On the data front, public sector net borrowing is at 0930 BST, while the CBI industrial trends survey is at 1100 BST. Before that, BoE Governor Mark Carney and three monetary policy committee members will give testimonies to parliament's Treasury Select Committee from 0915 BST. Investors will also be eyeing the next round of Brexit talks in Brussels, which could keep sterling on edge.
Miners were generally the worst performers as copper and iron ore futures fell, with Rio Tinto, Antofagasta and Anglo American all lower.
Inmarsat tumbled the most individually, as the satellite group lost exclusivity on maritime safety after the UN certified US rival Iridium Communications to provide global maritime distress safety system (GMDSS) services.
Elsewhere, Balfour Beatty slipped as it said in an update ahead of its annual general meeting later in the week that trading was in line with its full year expectations and that it continues to make "good progress" on the second phase of its 'Build to Last' transformation programme.
Halfords skidded lower after the bike and car parts retailer reported lower annual profits due to increased cost of goods due to the weak pound, with a similar result expected this year as selling prices remain flat.
Pets at Home ticked just a touch lower after saying full-year profit fell 12%, while UDG Healthcare also retreated on the back of a big drop in first-half profit.
Galliford Try lost ground after the construction company said it is likely to face additional costs due to weather-related delays in the building of Aberdeen's new ring road this year.
Entertainment One slipped even after the TV group said revenues for the family division rose more than 50% to £139m driven by children's favourites 'Peppa Pig' and 'PJ Masks'.
Financial technology company NEX Group edged down despite reporting a 9% increase in full-year trading profit, while HomeServe declined even as it posted a 25% rise in full-year statutory pre-tax profit.
On the upside, Rank Group in the black after announcing the acquisition of QSB, the owner of Spanish digital bingo business YoBingo.es, for up to 52m in cash, while Intermediate Capital rallied after its final results.
Greencore advanced despite reporting an operating loss for the six months to the end of March, while food producer Cranswick gained as it posted a 22% jump in full-year pre-tax profit as revenue grew, with strong volumes across all of its divisions.
Shaftesbury edged up after posting a 21% increase in first-half profit, while merchant bank Close Bros was higher after saying it performed well in the third quarter.
In broker note action, Next was lifted to 'reduce' at AlphaValue, while Ashmore was upgraded to 'hold' at HSBC. Royal Mail was cut to 'neutral' at JPMorgan and Hunting was downgraded to 'hold' at Kepler Cheuvreux.
Market Movers
FTSE 100 (UKX) 7,860.72 0.02%
FTSE 250 (MCX) 21,184.80 0.22%
techMARK (TASX) 3,541.71 0.22%
FTSE 100 - Risers
Fresnillo (FRES) 1,290.00p 1.57%
Mediclinic International (MDC) 671.97p 1.20%
Smurfit Kappa Group (SKG) 3,034.00p 1.13%
BT Group (BT.A) 205.15p 0.98%
Severn Trent (SVT) 2,064.40p 0.95%
Evraz (EVR) 488.00p 0.89%
Royal Bank of Scotland Group (RBS) 294.70p 0.79%
HSBC Holdings (HSBA) 744.50p 0.76%
Melrose Industries (MRO) 243.60p 0.70%
Just Eat (JE.) 851.80p 0.61%
FTSE 100 - Fallers
Rio Tinto (RIO) 4,339.50p -1.26%
Kingfisher (KGF) 295.80p -1.20%
Antofagasta (ANTO) 1,082.50p -0.96%
Anglo American (AAL) 1,896.00p -0.75%
TUI AG Reg Shs (DI) (TUI) 1,799.50p -0.61%
National Grid (NG.) 882.80p -0.56%
Imperial Brands (IMB) 2,779.50p -0.48%
BHP Billiton (BLT) 1,761.60p -0.45%
Prudential (PRU) 1,946.00p -0.43%
Tesco (TSCO) 249.50p -0.36%
FTSE 250 - Risers
Cranswick (CWK) 3,466.00p 9.54%
Greencore Group (GNC) 171.40p 9.42%
Intermediate Capital Group (ICP) 1,210.00p 3.95%
Rank Group (RNK) 159.20p 2.71%
Hochschild Mining (HOC) 221.81p 1.94%
Herald Investment Trust (HRI) 1,345.00p 1.89%
Tate & Lyle (TATE) 609.07p 1.85%
Ashmore Group (ASHM) 402.10p 1.69%
Ocado Group (OCDO) 887.80p 1.65%
Petrofac Ltd. (PFC) 598.40p 1.60%
FTSE 250 - Fallers
Halfords Group (HFD) 334.40p -13.81%
Inmarsat (ISAT) 345.86p -11.00%
UDG Healthcare Public Limited Company (UDG) 882.28p -5.28%
Pets at Home Group (PETS) 151.80p -3.92%
Homeserve (HSV) 812.00p -3.56%
Ferrexpo (FXPO) 232.02p -2.27%
BTG (BTG) 620.00p -1.20%
Crest Nicholson Holdings (CRST) 439.60p -0.90%
Capita (CPI) 135.80p -0.84%
Ibstock (IBST) 297.40p -0.67%