Chemring Group (CHG) shareholders dash to sell after tragic explosion at its Wiltshire plant with profits set to take up to a £20m hit
investors appeared not bowled over by owner Mike Ashley’s snapping up House of Fraser on Friday, with shares down 5.6p, at 399.8p. Amid speculation about Ashley taking full control of other ailing department store Debenhams (DEB), its shares rose 1.11p, to 12.75p.
Investors dumped online trading platform Plus500 Ltd (DI) (PLUS) amid a regulatory crackdown, despite bumper profits and dividends.
Van Elle Holdings (VANL) has had a rocky ride since joining the AIM market in 2016 priced at 100p per share. Chairman and founder Michael Ellis tried to oust directors last year, claiming he could do better, but was shut down by shareholders. Hopes are pinned on ex-Balfour Beatty director Mark Cutler, 49, who joins as chief executive in the next few months.
Trouble with the Turkish lira rattled the FTSE 100. European travel stocks were hit, withTUI AG Reg Shs (DI) (TUI) down 39p, at 1526.50p, and Thomas Cook Group (TCG) down 2.55p, to 85.3p. Ashmore Group (ASHM), seen as a bellwether for emerging markets, was also hammered. Its shares were down 19.4p, to 337.6p. Ashmore also suffered from a note from Numis, whose analysts said they were concerned about the business’s outlook.
esure Group (ESUR) probable sell-up to Bain Capital boosted shares in other insurers, including Direct Line Insurance Group (DLG) (up 1.5%, or 4.8p, to 327.3p), Admiral Group (ADM) (up 1.6%, or 32p, to 2019p) and Hastings Group Holdings (HSTG) (up 4.4%, or 11p, to 261p.
Better-than-feared results from shipping broker Clarkson (CKN) cheered investors. The business, which issued a profit warning in April, has been hit by falls in the US dollar, lower freight rates and the slump in the oil price. Yesterday it posted an 18% fall in profits to £18million and a 2.7% decline in revenues to £152.6million. Boss Andi Case said conditions in some markets had improved and he had confidence in the business’s future.
Investors were happy with miner Scotgold Resources (DI) (SGZ) as chief executive Richard Gray said major advancements have been made on its plans to start Scotland’s first commercial gold mine.
