FTSE drops ahead of new coronavirus guidance

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Despite an early rally UK stocks fell into the red by mid-morning on Monday as uncertainty gripped markets ahead of the government's new coronavirus guidance.

The government will publish the full 50-page guidance at 2pm, which will provide further detail on how the lockdown will be eased.

At 1205, the benchmark FTSE 100 index dropped 0.15%, or 8.9 points, to 5,927.08.

LARGE AND MID CAP RISERS AND FALLERS

Pharmaceutical company AstraZeneca traded broadly flat at £85.60 after an ovarian cancer treatment it developed with Merck was approved for use in the US.

Plastics manufacturer Victrex shed 1.8% to £19.36 as it booked a 1% fall in first-half profit and scrapped its interim dividend after rising sales were offset by margin pressure.

Victrex said it had made a 'solid start' to the second half, but was seeing 'emerging headwinds' in its forward order book due to the coronavirus crisis.

Budget airline EasyJet fell 8.3% to 487p after reports emerged over the weekend that it may need to raise anywhere between £700m and £1bn in cash through a rights issue.

Citigroup analyst Mark Manduca reportedly told institutional clients there was a 'high probability' that EasyJet will have to tap investors for money by issuing shares in the next few months.

Healthcare facility investor Primary Health Properties rose 0.9% to 158.4p, having acquired a portfolio of 20 medical centres in England and Wales for £47.1m and reporting 'robust' rent collection across its portfolio.

Automotive fluid system supplier TI Fluid Systems gained 1.6% to 173.4p on announcing that it would pay its 2019 final dividend as planned, despite its revenue slipping in the first quarter.

SMALL CAP RISERS AND FALLERS

Funeral operator Dignity added 2.1% to 239p, even as it reported a fall in profit that it pinned on operational impacts from the coronavirus pandemic.

Dignity is also expecting a rise in deaths related to the respiratory disease to keep it busy this year.

Cream cakes retailer Cake Box increased 2.3% to 156p on announcing that it expected to have all its high-street shops open by early June.

Consultancy company Science Group plunged 7.1% to 190.4p, having decided to not recommend a dividend at its upcoming annual general meeting.

Science Group said payment of an interim dividend would be considered later in the year if appropriate.

Regenerative medicine company Tissue Regenix soared 74.15% to 1.18p on news that it had inked a manufacturing pact to develop a new product line that addresses orthopaedic soft tissue repairs.

Property investor RDI REIT dropped 3.66% to 50p as it swung to a first-half loss and scrapped its interim dividend amid falls in rental income and the market value of its portfolio.

Marketing services group XLMedia added 1.67% to 24.4p on announcing that it would reduce its headcount as part of a strategy overhaul.

XL Media did not specify how many jobs would be cut, only saying that the measures were expected to generate more than $5m of annualised savings.