Carbon and ceramics products maker Morgan Crucible (LON:MGCR) was showing its cracks today after admitting trading conditions had “deteriorated” in the third quarter.
Investors were checking up on the FTSE 250 firm, which slipped 11% on the news of the profit warning.
Morgan said the slowdown in demand was most pronounced in the Advanced Materials and Technology (AM&T) business, while its ceramics arm was more resilient.
Revenue was around 10% lower than the average first half figure and the company warned things will continue in this vein for the rest of the year.
“With a weaker market environment group performance for the full year is likely to be materially below the board's previous expectations,” said CEO Mark Robertshaw.
Shares in Indonesia-focused Bumi (LON:BUMI) helped balance the scales, up another 10% today as it continued its rise up the FTSE 250 leaderboard.
This is on top of yesterday’s 40% surge after the co-founder Bakrie Group proposed a split from the coal miner.
The Bakrie family, which set up Bumi with Nat Rothschild before last year’s well documented dispute, said it wanted to cancel its 23.8% shareholding in the company and instead take over all of its operating assets.
This means the Bakries would take a 29% stake in Bumi Resources and an 85% stake in Berau Coal Energy.
Investors checked into Flybe (LON:FLYB) today as the airline announced a deal to operate a third of Finnair’s routes.
The deal to run 12 of the Finnish company’s planes is set for take-off at the end of the month.
Investors were also tapping into shares of Centrica (LON:CNA) after its retail arm British Gas hiked up domestic gas and electricity prices by 6%.
British Gas said the high costs to deliver the government’s policies for a clean, energy efficient Britain were behind its decision.
“We know that household budgets are under pressure and this £1.50 per week rise will be unwelcome,” said British Gas’ managing director Phil Bentley.
“However, we simply cannot ignore the rising costs that are largely outside our control, but which make up most of the bill.
“Even after this increase, our margins after tax in 2012 will only be 5p in the pound – a similar level to last year and lower than the prior year.”
He hinted that lower margins would probably result in the company going bust.
Rockhopper Exploration (LON:RKH) was closely followed after it said expects to formally complete its deal with Premier Oil (LON:PMO) shortly as it received sign off from the Falkland Island authorities.
In July a near US$1 bln deal was agreed which sees Premier Oil take control of the Sea Lion oilfield development project.
Elsewhere, Angel Biotechnology (LON:ABH) lost 4% after announcing its executive chairman of eight years is to step down as part of an ongoing restructuring of its business.
Dr Paul Harper will stand down immediately and take up a non-executive role to oversee completion of a joint venture deal with Russian firm Materia Medica. He will leave the board after that.