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FTSE 100 opens higher but Virgin Money falls FTSE 100 up but Domino's Pizza shares hit as sales slow
(about 3 hours later)
London's benchmark share index opened higher, boosted by mining companies after the price of copper hit its highest level since February. Shares in Domino's Pizza fell nearly 7% after it delivered disappointing news on its sales growth.
The FTSE 100 rose 32.94 points to 7,410.67. Anglo American shares added 4% and Antofagasta was up 2.3%. In the six months to 25 June, UK like-for-like sales growth at the FTSE 250 firm slowed to 2.4% from 13% last year.
Top riser was media group Informa, which rose 6.8% after it posted a 40% rise in half-year revenues thanks to its global exhibitions business. The news overshadowed a 9% increase in profits for the half year to £44.6m,
Virgin Money shares fell 8% after it warned on the UK housing market. Virgin Money was another FTSE 250 member having a bad day. Its shares fell 5.5% after the bank warned there could be some "areas of weakness" in the UK housing market.
The FTSE 250-listed bank said that while the market should remain "resilient", there could be some "areas of weakness to be navigated" in the short term. However, Virgin said the housing market should remain "resilient", and it reported a 26% rise in half-year underlying profits to £128.6m.
Its comments overshadowed news of 26% rise in half-year underlying profits to £128.6m. London's benchmark FTSE 100 share index was up 63.72 points, or 0.9%, at 7,441.45 shortly after midday.
Domino's Pizza Group fell nearly 7% after the company reported a slowdown in its sales growth. Top riser was media group Informa, which rose 6.8% after it reported a 40% rise in half-year revenues thanks to strong trading at its global exhibitions business.
Half-year pre-tax profits rose 9% to £44.6m, but UK like-for-like sales growth slowed to 2.4% from 13% a year earlier. Back in the FTSE 250, Acacia Mining shares were down a further 12% as investors reacted to news that the company had been handed a $190bn bill for unpaid taxes and penalties from Tanzania.
Acacia Mining shares were down a further 11% as investors reacted to news that the company had been handed a $190bn bill for unpaid taxes and penalties from Tanzania.
The company has been accused of under-reporting export revenues, which Acacia denies.The company has been accused of under-reporting export revenues, which Acacia denies.
On the currency markets, the pound was unchanged against the dollar at $1.3025, and down 0,1% against the euro at 1.1179 euros. On the currency markets, the pound edged up 0.05% against the dollar to $1.3034, and was down 0.1% against the euro at 1.1182 euros.