3 Shares the FTSE Should Beat Today
The FTSE 100 (INDEX: ^FTSE) is recovering a bit today, up 47 points to 5,841 points, buoyed by price rises from some of its biggest companies. That has helped to offset last week's earnings fears emanating from the U.S., and we could still be in for a strong spell.
But it's not all roses for some constituents of the FTSE indices. We take a quick look at three shares that are falling today...
Standard Chartered (ISE: STAN.L) shares fell 34.5 pence (2.3%) despite announcing strong third-quarter performance. For the first nine months of its year, the bank told us that it has grown its operating profit by a "mid-single digit rate," and that the growth would have been "double-digit rate" had it not been hit by the cost of its settlement with New York financial regulators over its alleged dealings in Iran.
There was no news on the bank's likely full-year dividend, which the City currently has pegged at around 3.5%.
Gold miner Centamin Egypt (ISE: CEY.L) was one of the day's biggest casualties, crashing by 29 pence (30%) to 70 pence after the firm noted media speculation that its concession to extract gold from its Sukari mine has been annulled. Shortly after the news and the crash, Centamin's shares were temporarily suspended by the Financial Services Authority, and a further announcement is pending.
The company, however, says that no formal judgement has been made, and reiterates its stance that its concession is legal and that the court does not have the jurisdiction to cancel it.
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Shares in transport operator Stagecoach (ISE: SGC.L) faltered, falling 3.2 pence (1.2%) to 267 pence after the company issued a trading update. Overall profitability, we were told, is "good," and there are no changes to current guidance for the full year.
The firm's U.K. rail and U.S. bus operations are doing well, with like-for-like revenues at the former (for the 24 weeks to Oct. 14) up 7.9% and at the latter (for the five months to Sept. 30) up 10.7%.
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