Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
UK stocks opened lower on Tuesday after a bevvy of companies announced lower profits or gaping losses, while Marks & Spencer and TI Fluid Systems revealed big job cuts.
At 0827, the benchmark FTSE 100 index was down 44.02 points, or 0.7% at 6,083.42.
Clothing and food retailer Marks & Spencer rose 1.1% to 114.9p as the market welcomed a move to trim costs by slashing 7,000 jobs over the next three months, as the company reported a slump in revenue at its clothing business.
Revenue at Marks & Spencer's clothing and home division dropped 39% in the last 13 weeks, though food sales rose by an encouraging 2.5%.
Automotive fluid systems manufacturer TI Fluid Systems gained 0.6% to 177.2p, even as it added to the gloomy job-market news by announcing 1,000 layoffs.
TI Fluid Systems also posted a deep first-half loss and scrapped its interim dividend, as the Covid-19 pandemic hurts the global auto sector.
Mining giant BHP weighed on sentiment, slipping 2.3% to £17.994, having reported a fall in annual profit while cutting in its final dividend to 55c per share, down from 73c on-year.
BHP pinned the weaker numbers on the challenges of Covid-19, unrest in Chile and commodity price volatility.
Home builder Persimmon firmed 3.7% to £27.0848, despite booking a 43% slump in first-half profit after lockdowns crimped construction activity, though it said it had made an 'excellent start' to the second half.
Persimmon declared a 'modest' interim dividend of 40p per share.
Professional services company Capita slumped 12% to 31.49p after it swung into the red following contract losses in 2019 and the impact of Covid-19 in a year when it expected revenue growth.
Engineering company Wood Group gained 3.4% to 219.3p, despite having swung to a first-half loss and scrapped its interim dividend after its oil services business was hurt by a sharp fall in crude prices.
Pharmaceutical company AstraZeneca's fell 0.5% to £85.35 amid positive regulatory news in the US for its Imfinzi treatment for certain cancers.
Food services company Compass lost 0.8% to £11.815 on announcing the appointment of Ian Meakins as its new chairman, from 1 December when Paul Walsh steps down.
Meakins was previously chief executive of Ferguson, Travelex and Alliance Unichem.
Auto dealer Marshall Motor was unchanged at 127.75 as it swung to a first-half loss after Covid-19 lockdowns crimped car sales.
London Southend Airport owner Stobart shed 3.5% to 28.85p on confirming that low-coat carrier Easyjet would cease operations at the airport amid a pandemic-related slump in travel markets.
Restaurant owner Tasty fell 4.4% to 2.2p after it said it was continuing to mull a possible equity or debt raising.