The FTSE 100 started the day modestly lower, below the 7,000 mark which has often acted as a floor for the index in recent times.
AJ Bell financial analyst, Danni Hewson, said: “Rishi Sunak is about to take over as PM and the first big question, at least as far as the markets are concerned, is will he keep current chancellor Jeremy Hunt in place? Not to do so could unsettle investors who are eagerly awaiting the 31 October announcement of fiscal plans and don’t need anything else to spook them before that.
“Once a real mid-cap star in the market, Genuit, previously known as Polypipe, is facing big blockages to its business which are disturbing the flow of profit. It’s the speed of the deterioration in outlook which will trouble shareholders, with weak trading over the last part of the third quarter enough to prompt the company to guide for profit to be at the lower end of expectations.”