FTSE 100 today: latest UK stock market news

Accesso Technology Group suffered one of its roughest rides ever as a listed company after it warned that its full-year performance would be markedly lower than previously thought.

The Aim-listed company, which makes virtual queuing and ticketing software used at venues from theme parks to zoos and museums, reported disappointing trading in its end markets over the peak trading month of July.

This setback — echoing that suffered by Six Flags, the American theme parks operator, in its latest update — was coupled with delays to some Middle East operators’ new project timetables, in turn forcing Accesso to lower both its sales and profit outlooks. It now expects revenue for the year of between $150 million and $153 million, down from its previous estimate of $160 million. Because of the lower revenue expectations, margins are expected to narrow, too.

“The market will be shocked,” analysts at Panmure Liberum, the broker, said, noting that the company’s recent capital markets day had been well-received and that until this week the shares had been 21 per cent higher in 2024. The warning shaved off all of Accesso’s recent gains, with the shares closing down 192p, or 27.4 per cent, at a near-five-month low of 508p.

After a slow start, the FTSE 100 rose by 66.30 points, or 0.8 per cent, to 8,347.35 after upbeat American retail sales allayed fears of a recession in the world’s largest economy. The FTSE 250 reversed early losses to close up 141.87 points, or 0.7 per cent, at 21,094.16.

Retail stocks on this side of the Atlantic were in high demand, including JD Sports Fashion, up 3½p, or 2.9 per cent, at 126½p and Watches of Switzerland, which improved by 17p, or 4.6 per cent, to 385½p. Bill Ackman’s Pershing Square Holdings rose by 100p, or 2.8 per cent, to £36.34 as investors tracked a rise on Wall Street, while Scottish Mortgage Investment Trust advanced 21¾p, or 2.6 per cent, to 859¾p.

Insurers also put in a good showing after Admiral reported forecast-beating half-year profits, driving its shares 183p, or 6.5 per cent, higher to £29.93. Beazley rose 15p, or 2.1 per cent, to 743p, while Aviva gained 10¼p, or 2.1 per cent, to 502p.

London’s top tier would have ended the session even higher had it not been for several of its members trading ex-dividend. These included Rio Tinto, which fell 102p, or 2.1 per cent, to £47.51, and Hikma Pharmaceuticals, which shed 14p, or 0.7 per cent, to £20.74.

Among the session’s worst performers was OSB, the FTSE 250 buy-to-let lender, which tumbled 90¾p, or 18.8 per cent, to 393½p on the back of a profit warning.

Elsewhere, a reassuring update from C&C, which revealed that its performance had been in line with expectations so far this year, despite June’s poor weather, lifted shares in the drinks group behind Tennent’s lager and Magners cider by 4¾p, or 3.2 per cent, to 156½p.

ITM Power’s results failed to spark much enthusiasm from small-cap investors owing to the hydrogen power company’s underwhelming forecast for the year ahead. It expects revenues of between £18 million and £22 million for the year to the end of April; the consensus among analysts had been for sales of £33 million. It was the same for underlying losses, which ITM believes could be as much as £40 million, quite a bit bigger than the £33 million figure the market had in mind. The shares dropped 3¾p, or 6.4 per cent, to 54½p.

Gooch & Housego blamed delays in both supplier and customer deliveries for its second profit warning of the year. Shares in the maker of advanced lenses dropped 16p, or 3.4 per cent, to 460p after it admitted that its pre-tax profits were likely to be £1.5 million lower than hoped for.