Citywire for Financial Professionals
Stay connected:

View the article online at http://citywire.co.uk/money/article/a1048048

FTSE rises as insurers rally on Irma downgrade

FTSE 100 rises while Lloyd's insurers top FTSE 250 on hopes impact of hurricane Irma will be less bad then feared.

 

Petra Diamonds (PDL) was meanwhile the biggest FTSE 250 faller, down 8.1% at 82.7p, after halting operations at one of its mines in Tanzania as the government seized a consignment.

Among small cap stocks, shares in UP Global Sourcing Holdings (UPGS) lost nearly half their value after the homeware brands maker warned revenue growth in 2018 was unlikely.

'The overall trading environment for general merchandise has become tougher, with wage inflation running behind general inflation,' it said.

'Consumers' discretionary spend is under pressure and confidence is therefore lower than it has been for some time, which is inevitably being reflected in purchasing behaviour.'

The news will be a blow to major shareholders BlackRock and Henderson, who hold 10.4% and 6% of the companies shares respectively.

Thomson Reuters lists the BlackRock UK Smaller Companies fund and the Henderson Smaller Companies (HSL ) investment trust as among the major investors. 

Servelec (SERV) was another heavy faller, down 8.9% at 257p as the technology group warned of delayed orders. Shares in the Strategic Equity Capital (SEC ) investment trust, which holds nearly a tenth of its portfolio in the stock, fell 1% to 225.1p.

Sign in / register to view full article on one page

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts


In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:

Look up the shares

  • Lancashire Holdings Ltd (LRE.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Beazley PLC (BEZG.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Hiscox Ltd (HSX.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Petra Diamonds Ltd (PDL.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • UP Global Sourcing Holdings PLC (UPGS.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Servelec Group PLC (SERV.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Look up the investment trusts

  • CATCo Reinsurance Opps (Ordinary Share)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Henderson Smaller Companies (Ordinary Share)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Strategic Equity Capital (Ordinary Share)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Read more...

Pound falls after May's pitch for Brexit transition

by Daniel Grote on Sep 22, 2017 at 16:30

Sorry, this link is not
quite ready yet