London open: Stocks nudge lower; Countrywide slumps again

Stocks in London were just a touch weaker at the start of what’s expected to be a fairly quiet day, with traders across the pond celebrating Thanksgiving.

At 0825 GMT, the FTSE was down 0.2% to 6,807.45. Meanwhile, oil prices were little changed as investors continued to look to next week’s OPEC meeting in the hope that a production cut will be agreed. West Texas Intermediate and Brent crude were down 0.2% to $47.87 a barrel and $48.84, respectively.

Tony Cross, market analyst for TopTradr, said: “Activity could be a little subdued today with the US Thanksgiving holiday evidently limiting the volume of fundamentals we have on the table.”

In corporate news, Legal & General pushed up after announcing the sale of its Netherlands business to London-listed pensions firm Chesnara for €160m.

Water company Severn Trent edged higher as it posted a 10.8% jump in interim profits before interest and tax to £299.4m.

Rio Tinto nudged up after chief executive Jean-Sébastien Jacques said the mining giant can boost cash flow by $5m over the next five years by a new "productivity drive".

Shares in Domino’s Pizza were looking tasty after it increased its long-term target for expanding its UK store presence and reiterated its guidance for 2016 pre-tax profit.

Pub operator Marston’s advanced as it said pre-tax profit and revenue for the year to 1 October grew.

On the downside, Countrywide tumbled as it issued its second profit warning this year, saying core earnings for 2016 would take a hit as a result of the UK’s vote to leave the European Union. The stock had already fallen sharply on Wednesday after Chancellor Philip Hammond unveiled a clampdown on estate agent lettings fees.

Pets at Home fell despite reporting a rise in first-half pre-tax profit and revenues and lifting its interim dividend.

HSS Hire was sharply lower as it said it now expects earnings before interest, taxes and amortisation for the year to be above the prior year but below market views.

Market Movers

FTSE 100 (UKX) 6,820.65 0.04%
FTSE 250 (MCX) 17,645.42 0.13%
techMARK (TASX) 3,280.14 0.08%

FTSE 100 - Risers

Direct Line Insurance Group (DLG) 359.40p 3.16%
Antofagasta (ANTO) 714.00p 1.85%
Intertek Group (ITRK) 3,237.00p 1.79%
Shire Plc (SHP) 4,659.00p 1.37%
3i Group (III) 674.50p 1.35%
Hikma Pharmaceuticals (HIK) 1,689.00p 1.08%
St James's Place (STJ) 950.00p 1.06%
Glencore (GLEN) 288.55p 0.87%
Anglo American (AAL) 1,246.50p 0.73%
Legal & General Group (LGEN) 236.40p 0.72%

FTSE 100 - Fallers

National Grid (NG.) 915.70p -1.72%
Vodafone Group (VOD) 197.60p -1.50%
Randgold Resources Ltd. (RRS) 5,600.00p -1.50%
Mediclinic International (MDC) 725.00p -1.02%
Babcock International Group (BAB) 946.50p -0.99%
DCC (DCC) 6,280.00p -0.71%
Polymetal International (POLY) 737.50p -0.47%
Sainsbury (J) (SBRY) 233.70p -0.47%
HSBC Holdings (HSBA) 639.90p -0.42%
Fresnillo (FRES) 1,239.00p -0.40%

FTSE 250 - Risers

Thomas Cook Group (TCG) 81.95p 3.73%
John Laing Group (JLG) 280.60p 2.63%
Millennium & Copthorne Hotels (MLC) 444.30p 2.61%
Pagegroup (PAGE) 376.70p 2.42%
Countryside Properties (CSP) 238.30p 2.41%
Keller Group (KLR) 803.00p 2.29%
Electrocomponents (ECM) 451.40p 2.10%
Rank Group (RNK) 205.40p 2.09%
IP Group (IPO) 145.10p 1.90%
Marston's (MARS) 138.50p 1.84%

FTSE 250 - Fallers

Countrywide (CWD) 167.80p -13.46%
Pets at Home Group (PETS) 221.60p -5.10%
TalkTalk Telecom Group (TALK) 155.80p -3.83%
FirstGroup (FGP) 103.50p -3.18%
Marshalls (MSLH) 281.60p -2.80%
Paragon Group Of Companies (PAG) 360.70p -2.65%
Hochschild Mining (HOC) 208.50p -2.52%
Sophos Group (SOPH) 239.40p -2.21%
Jardine Lloyd Thompson Group (JLT) 942.00p -2.18%
Acacia Mining (ACA) 397.40p -2.00%