A number of mid-cap companies have issued trading updates, to what can only be called mixed receptions.
Chemicals group Elementis has slumped 8.5p to 33p despite a 36% rise in full year operating profits. The problem is that the company is warning that trading could deteriorate in 2009 due to the current economic climate. No surprise, really, but investors do not like to see it spelled out. The company said it was considering the closure of its UK chrome chemicals plant in Eaglescliffe.
Instrument maker Spectris is down 53.5p to 438.75p after it reported slowing sales in the second half, while housebuilder Redrow slipped 0.5p to 121.5p as it unveiled a £46.2m interim loss.
But telecoms testing group Spirent has climbed 3.25p to 40.25p as its full year results came in slightly ahead of expectations. Dan Ridsdale at Teathers said:
"The shares are not aggressively rated and a strong balance sheet and cash generation are certainly attractive. We remain concerned about further weakness however."
Another company reporting satisfactory full year results was building group Morgan Sindall, up 38.5p to 498.5p. Panmure Gordon upgraded from sell to buy and set a 540p target.
All this has pushed the FTSE 250 69.24 points lower to 5750.1. Meanwhile the FTSE 100 is now 39.07 points down at 3811.66, with oils and miners sliding on economic worries and the banks - Royal Bank of Scotland aside which is still 0.3p ahead at 21.5p - falling back.
Vodafone has fallen 1.4p to 124.8p as it confirmed 500 UK job cuts.
