2.28pm: Housebuilders tumble on rate concerns
Housebuilders tumbled on concerns that interest rates will rise a lot higher than previously forecast to support the plunging pound and deal with inflationary pressures.
They dominated the FTSE 100 fallers with Taylor Wimpey PLC (LSE:TW.) (down 5.67%), Persimmon PLC (LSE:PSN) (down 5.48%), Berkeley Group Holdings PLC (LSE:BKG) (down 4.42%) and Barratt Developments PLC (LSE:BDEV) (down 4.24%) all down sharply.
In the FTSE 250 Bellway PLC (LSE:BWY) (down 7.17%) and Vistry Group PLC (LSE:VTY) (down 6.28%) were also marked down heavily.
13.56pm: Brighton Pier falls on cautious outlook
Shares in Brighton Pier PLC fell 18.44% as it warned of “significant trading challenges” ahead.
"Going forward, management recognise that the group is entering a period where economic pressures, both consumer discretionary spend allied with increased costs will present significant trading challenges," the company said.
The caution came as the company reported strong growth in revenue and profit with revenues for the full year up to £40.1mln up significantly from £13.5mln the year before.
It was a "record result", the company noted, with pre-tax profits up by 78% to £7.3mln from £4.1mln as operating profit rose by 67% to £8.5mln.
Anne Ackord, chief executive officer, said: “As we enter into unchartered waters, economic headwinds make it difficult to predict both costs and consumer demand, so our outlook for the future must be one of caution."
11.52am: Pendragon powers ahead after bid approach
Shares in Pendragon Group motored ahead 19% on Monday after the car dealership received a £406mln takeover approach from its largest shareholder.
The London-listed group – which includes the Stratstone and Evans Halshaw brands – said it had received an “unsolicited, preliminary and highly conditional” cash offer from Sweden’s Hedin Mobility Group which values each share at 29p.
9.15am: MusicMagpie tumbles after warning
Shares in MusicMagpie PLC slumped 44% after it warned growth will be weaker than expected, as the used-technology reseller faces tough market conditions.
For the year ending November 30, the group said it expects profits to be below market expectations.
"The group now expects that revenue generated in the second half will show lower growth over the first half than previously expected," it added.
The company said: “Historically, October and November have been material contributors to overall group performance, with heightened activity and consumer interest around the Black Friday sales period, in particular.”
“Whilst the group continues to expect that Black Friday will prove to be a peak trading period, it now believes it is prudent to reduce its expectations for contribution from this period due to the worsening economic outlook and increasing cost of living pressures on the UK consumer."