3 FTSE Shares Plunging Today
LONDON -- The FTSE 100 (UKX) has been up and down by small amounts today, and is 12 points down on 5,819 points at the time of writing. The index of London's blue-chip shares has been pretty much going sideways for weeks now.
Still, that's better than heading south, as individual members of the FTSE indices do all the time. Today is no exception, and here are three that are plunging.
Woes at Morgan Crucible (ISE: MGCR.L) continued today as the shares slumped 27 pence (10.5%) to 229 pence after the company released a quarterly interim update. The advanced materials supplier told of "deteriorating conditions" in most of its markets, especially Europe and China. The firm is to respond by taking measures to cut costs.
Revenue in the quarter fell around 10% compared to first-half average levels, and it is expected to continue at around that level for the remainder of the year. But at least cash generation remains robust, and net debt is low.
The shares are now more than 35% down from their year high of 360 pence.
Scancell Holdings (ISE: SCLP.L) , a biotechnology company researching anti-cancer therapeutics, fell 9.5 pence (16%) to 50.5 pence, after the release of full-year results. During the year, the firm raised 1.58 million pounds from a share placing and announced a maiden profit of 557,000 pounds.
But that's not the big news for Scancell -- that would be its 10-bagger performance this year, which has taken the shares up from a price of just 4.75 pence, and lifted the company's market cap to 115 million pounds.
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Builders' merchant Travis Perkins (ISE: TPK.L) has had a good year so far, but its share price turned tail and fell 32 pence (3%) to 1,103 pence on the day it released a Q3 interim statement that told us trading was in line with expectations.
Perhaps, after a 30% gain on the year so far, the punters were expecting more. Or it might be disappointment that financial director Paul Hampden Smith is to stand down after 17 years in the job, also announced today.
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Alan does not own any shares mentioned in this article.
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