easyJet, Foxtons and Porvair

“The FTSE 100 started the week in reverse gear as the market continued to react to the EU referendum result and with sterling under pressure against the euro and US dollar, Chancellor George Osborne aimed to settle some nerves by ruling out an immediate emergency Budget. Meanwhile, the political fall-out continues with Labour also facing the prospect of a leadership contest,” says AJ Bell Investment Director Russ Mould.

“Low-cost airline easyJet is warning investors to expect turbulence with the group facing headwinds on several fronts. Air traffic control strikes in France, runway congestion at Gatwick, a fall in demand after the Egyptair tragedy and the Brexit vote plus higher costs due to movements in fuel prices and exchange rates will all weigh on its figures. The airline was the biggest blue-chip faller in early trading, down by over 9%.

“London estate agent Foxtons has seen its hopes of a second half improvement dashed by the Brexit vote. Foxtons made a strong start to the year but sales slowed in the run up to the referendum as uncertainty and higher stamp duty led many buyers and sellers to sit on their hands. And it believes the result of the referendum has increased uncertainty and is likely to mean that these trends continue for at least the remainder of the year. Foxtons was one of the biggest FTSE All-Share fallers, down by nearly 18% in early trading.

“Filtration group Porvair made encouraging progress in the half year with revenue up 13% and pre-tax profits rising by 7%. Demand in most of its markets is good and order books for the second half are healthy. The group is also benefiting from the introduction of new products and the integration of acquisitions made in 2015.”

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