(Alliance News) - The FTSE 100 pulled back from a recent string of wins on Wednesday, with Reckitt Benckiser, British American Tobacco and Auto Trader weighing on London's leading stock index.The FTSE 100 was down 21.54 points, or 0.3%, at 7,376.91 early Wednesday. The FTSE 250 was up down 40.02 points, or 0.2%, at 19,285.70 while the AIM All-Share was down 0.3% at 942.80.The Cboe UK 100 index was down 0.3% at 12,509.13. The Cboe UK 250 was down 0.1% at 17,313.86 with the Cboe UK Small Companies flat at 11,711.24.In mainland Europe, the CAC 40 in Paris was down 0.5% while the DAX 30 in Frankfurt was 0.3% lower."A lot of the recent gains appear to have been predicated on the basis that central banks have shifted focus in the past few weeks to a much more dovish tilt, when it comes to the next move on interest rates, rather than any overriding optimism over the trade talks, and this may help explain the inability of markets to push on to fresh new highs," commented Michael Hewson at CMC Markets."Simply speaking the trade risk is still a key limiting factor, at a time when the global economy continues to slow," he explained. On Tuesday, US President Donald Trump urged China to agree to terms of a trade deal allegedly reached earlier this year, ahead of talks in Japan with Chinese President Xi Jinping later this month."We had a deal with China and unless they go back to the deal I have no interest," Trump said outside the White House before flying to Iowa.Trump lauded tariffs imposed on China - a 25% levy on some USD250 billion worth of goods - saying they have created a "level playing field" for the first time since Beijing joined the World Trade Organization in 2001.In Asia on Wednesday, the Japanese Nikkei 225 index closed down 0.4%. In China, the Shanghai Composite ended down 0.6%, while the Hang Seng index in Hong Kong is 1.9% lower in late trade.Reckitt Benckiser was the worst performer in the FTSE 100, down 1.9% after the Nurofen painkiller maker said it has appointed the chief commercial officer of US soda and snacks maker PepsiCo as its new boss.Laxman Narasimhan will be appointed chief executive designate on July 16 and will formally take over Rakesh Kapoor's role at the beginning of September. As well as taking up the role of group CEO, Narasimhan will also "directly" lead the Health Business unit."Laxman's initial priorities will be to focus on delivering outperformance, especially in the Health business unit, and to drive RB2.0," said Reckitt Chair Chris Sinclair.British American Tobacco was down 1.5% despite saying Wednesday it continues to "perform well" with both traditional and new products delivering.BAT described itself as "on track" to deliver constant currency revenue growth in the "mid-upper half" of its 3% to 5% long-term guidance range for 2019. This was despite global industry volumes being expected to fall by around 3.5% on the year prior. BAT also anticipated "good" operating margin improvement in 2019. This is despite further investment in its New Categories, which includes vaping, heat-not-burn and other new products lines. All told, BAT forecasts constant-currency adjusted operating profit to deliver growth in the "upper half" of its 5% to 7% guidance range.Also towards the bottom of the FTSE 100 was Auto Trader, slipping 1.2% after UBS cut the digital automotive marketplace firm to Sell from Neutral. Also in the car retail sector, Pendragon shares were down 26% in early trade after the firm warned of an annual loss. Pendragon now expects to generate an underlying loss for the current financial year, with the first half to be "significantly loss making" before returning to profit in the remainder of the year.This is due to accelerated Car Store losses, an increase in used car stock at the end of the previous financial year, lower than anticipated new car margins, and increases in costs, particularly in aftersales."Notwithstanding the challenging market and uncertain macro outlook, the expected loss for the year is still disappointing," said Chief Executive Mark Herbert. "That said, we see significant addressable opportunities to improve the business and return to profitable growth."In the FTSE 250, Sirius Minerals was up 2.2% after signing a take-or-pay supply agreement with Indian Farmers Fertilisers Cooperative for the supply of POLY4 in India.Volumes will ramp up to one million tonnes per annum in year eight, with an option to increase this to around 1.3 million tonnes.De La Rue was up 2.6% as it agreed to sell its International Identity Solutions business for GBP42 million in cash.HID Corp - part of ASSA ABLOY - will acquire De La Rue's international identity solutions contracts, associated software, passport assembly facilities in Malta and certain printing contracts of security documents. The agreement also includes De La Rue providing printing services to HID until March 2022.The UK passport contract is outside the scope of the agreement, De La Rue added."This transaction will allow the group to refocus on identity-related security features and components where the market opportunities are more accessible," De La Rue explained. boohoo shares dipped 4.3% despite a "strong" first quarter. Group revenue was up 39% year-on-year to GBP254.3 million, though the gross margin slipped to 55.0% from 55.2%.Within divisions, the eponymous boohoo brand saw sales up 27% to GBP123.5 million, while PrettyLittleThing's revenue wasn't far behind at GBP112.1 million, marking 42% growth on a year ago. Nasty Gal's revenue more than doubled to GBP18.2 million."The group has made a strong start to the year as we continue to disrupt and capture market share in the UK and internationally across all our brands," said Chief Executive John Lyttle.For the year as a whole, boohoo expects to record revenue growth of around 25% to 30%, with an adjusted earnings before interest, tax, depreciation and amortisation margin of 10%.
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UK earnings, trading statements calendar - next 7 days
Friday 22 July | |
Beazley PLC | Half Year Results |
FRP Advisory Group PLC | Full Year Results |
Record PLC | Q1 Results |
Monday 25 July | |
ECO Animal Health Group PLC | Full Year Results |
F&C Investment Trust PLC | Half Year Results |
GlobalData PLC | Half Year Results |
JTC PLC | Trading Statement |
Plant Health Care PLC | Trading Statement |
SThree PLC | Half Year Results |
Vodafone Group PLC | Trading Statement |
XLMedia PLC | Trading Statement |
Tuesday 26 July | |
Aberforth Smaller Companies Trust PLC | Half Year Results |
Ascential PLC | Half Year Results |
Bytes Technology Group PLC | Trading Statement |
Capital & Counties Properties PLC | Half Year Results |
Cohort PLC | Full Year Results |
Compass Group PLC | Trading Statement |
Drax Group PLC | Half Year Results |
easyJet PLC | Trading Statement |
Ergomed PLC | Trading Statement |
Franchise Brands PLC | Half Year Results |
Games Workshop Group PLC | Full Year Results |
Gore Street Energy Storage Fund PLC | Full Year Results |
Greencore Group PLC | Q3 Results |
John Menzies PLC | Trading Statement |
Medica Group PLC | Trading Statement |
Mitie Group PLC | Trading Statement |
NewRiver REIT PLC | Trading Statement |
Playtech PLC | Trading Statement |
Reach PLC | Half Year Results |
Ricardo PLC | Trading Statement |
Sabre Insurance Group PLC | Half Year Results |
SME Credit Realisation Fund Ltd | Full Year Results |
Trifast PLC | Full Year Results |
Tyman PLC | Half Year Results |
Unilever PLC | Half Year Results |
Vivo Energy PLC | Half Year Results |
Wickes Group PLC | Trading Statement |
Wednesday 27 July | |
Aptitude Software Group PLC | Half Year Results |
Aston Martin Lagonda Global Holdings PLC | Half Year Results |
BlackRock Energy & Resources Income Trust PLC | Half Year Results |
Breedon Group PLC | Half Year Results |
British American Tobacco PLC | Half Year Results |
FirstGroup PLC | Trading Statement |
Fresnillo PLC | Q2 Production Results |
GSK PLC | Half Year Results |
Hargreaves Services PLC | Full Year Results |
Hiscox Ltd | Trading Statement |
Ibstock PLC | Half Year Results |
International Personal Finance PLC | Half Year Results |
Lancashire Holdings Ltd | Half Year Results |
Lloyds Banking Group PLC | Half Year Results |
Marston's PLC | Trading Statement |
Motorpoint Group PLC | Trading Statement |
musicMagpie PLC | Half Year Results |
Nichols PLC | Half Year Results |
Primary Health Properties PLC | Half Year Results |
Quartix Technologies PLC | Half Year Results |
Reckitt Benckiser Group PLC | Half Year Results |
Rio Tinto PLC | Half Year Results |
Smart Metering Systems PLC | Half Year Results |
Smurfit Kappa Group PLC | Half Year Results |
Ted Baker PLC | Trading Statement |
Unite Group PLC | Half Year Results |
Wizz Air Holdings PLC | Q1 Results |
Yourgene Health PLC | Full Year Results |
Thursday 28 July | |
Airtel Africa PLC | Trading Statement |
Anglo American PLC | Half Year Results |
Aveva Group PLC | Trading Statement |
BAE Systems PLC | Half Year Results |
Barclays PLC | Half Year Results |
Bodycote PLC | Half Year Results |
BT Group PLC | Q1 Results |
Centrica PLC | Half Year Results |
CVS Group PLC | Trading Statement |
De La Rue PLC | Trading Statement |
Diageo PLC | Full Year Results |
discoverIE Group PLC | Trading Statement |
Dr Martens PLC | Trading Statement |
Elementis PLC | Half Year Results |
FDM Group PLC | Half Year Results |
Forterra PLC | Half Year Results |
Foxtons Group PLC | Half Year Results |
GB Group PLC | Trading Statement |
Greencoat UK Wind PLC | Half Year Results |
Hammerson PLC | Half Year Results |
Headlam Group PLC | Trading Statement |
Inchcape PLC | Half Year Results |
Indivior PLC | Half Year Results |
Informa PLC | Half Year Results |
ITV PLC | Half Year Results |
Jupiter Fund Management PLC | Half Year Results |
Logistics Development Group PLC | Trading Statement |
Metro Bank PLC | Half Year Results |
Mitchells & Butlers PLC | Trading Statement |
Mortgage Advice Bureau (Holdings) PLC | Trading Statement |
Mothercare PLC | Full Year Results |
MySale Group PLC | Trading Statement |
National Express Group PLC | Half Year Results |
Quixant PLC | Trading Statement |
Rathbones Group PLC | Half Year Results |
Relx PLC | Half Year Results |
Rentokil Initial PLC | Half Year Results |
Restore PLC | Half Year Results |
Robert Walters PLC | Half Year Results |
Schroders PLC | Half Year Results |
Segro PLC | Half Year Results |
Shell PLC | Q2 Results |
Smith & Nephew PLC | Half Year Results |
St James's Place PLC | Half Year Results |
Vesuvius PLC | Half Year Results |
Volex PLC | Half Year Results |
Weir Group PLC | Half Year Results |
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