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Shares in British energy services firm Hunting fell to a seven-month low as it warned that falling oil and natural gas prices will hit its profits.
The FTSE 250 group, which makes equipment for the energy industry as well as aerospace and defence, said “the recent drop in oil prices and renewed falls in the price of US natural gas” have taken their toll.
It expects profits this year of between £95m and £97m, having previously forecast between £103m and £106m.
Drop: Hunting, which makes equipment for the energy industry as well as aerospace and defense, has been hit by a drop in oil and gas prices.
The warning overshadowed a 16 per cent rise in third-quarter profits to £67 million and the shares fell 16.5 per cent, or 61.5 pence, to 311.5 pence, hitting the lowest level since March.
Hunting shares had had a good run earlier this year, rising 55 per cent to a high of 459p in early August.
But they have fallen sharply since then, wiping out much of this year’s gains, following a drop in the price of oil from more than $90 a barrel in April to less than $76 now.
Moving in the other direction among mid-cap stocks was construction and regeneration group Morgan Sindall as it said full-year profits would beat its previous expectations.
The company said its Fit Out division, which does office and school remodeling work as well as offering interior design services, is booming.
The shares rose 20 per cent, or 650p, to a record high of 3,900p. The stock has more than doubled since the beginning of last year.
Stock Watch – Sosandar
Womenswear brand Sosandar reported a 27 per cent drop in first-half sales to £16.2 million as it moved away from deep discounts.
As well as cutting costs, the move boosted margins and helped reduce losses to £700,000 in the six months to the end of September from £1.3m in the same period last year.
Sosandar said it “continues to benefit” from partnering with companies such as Next and Marks & Spencer. The shares lost 4.7 per cent, or 0.5p, to 10.25p.
But there was little to cheer about in the broader market, with the FTSE 100 index falling for the third day in a row, falling 0.14 per cent, or 11.7 points, to 8,306.54. The FTSE 250, however, rose 0.21 per cent, or 43.05 points, to 20,949.65.
InterContinental Hotels Group, owner of Holiday Inn, fell as weak room demand in China offset stronger performance elsewhere.
The company said room revenue rose 7.1 percent in continental Europe, while it rose 6.5 percent in East Asia and the Pacific, 2.2 percent in the United Kingdom and 1.7 percent in the United Kingdom. percent in the United States. But they fell 10.3 per cent in China, sending the shares down 1.7 per cent, or 148 pence, to 8,714 pence.
Airlines fared better: Easyjet rose 1.3 per cent, or 6.4 pence, to 514 pence and British Airways owner IAG rose 0.6 per cent, or 1.3 pence, to 215 pence. .4 pence, its highest level since 2021.
Gold and silver miner Fresnillo made further gains, adding 2.9 per cent, or 21.5p, to 769p after the recent rally in precious metals prices.
Gold held near the previous session’s all-time high of $2,740 an ounce, while silver traded above $34 an ounce, having reached that level for the first time in 12 years on Monday.
Pinewood Technologies, previously called Pendragon before the sale of its car dealerships such as Stratstone and Evans Halshaw earlier this year, jumped higher after landing a deal with dealership group Marshall Motor.
Shares in Pinewood, which specializes in software for car dealerships, rose 14 per cent, or 40.5p, to 330.5p.
Semiconductor company Alphawave IP was also on the move, rising 20.8 per cent, or 20p, to 116.4p, as investors welcomed a rise in quarterly bookings.
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