LONDON -- The FTSE 100
But even if the FTSE is going strong, some of its constituent companies aren't. Here are three that are falling back a little and look set to lag the index today.
Investment manager Man Group fell 9% today to 84 pence on the release of an interim management statement that told of a net withdrawal of funds for the fifth quarter in a row. Following the continuing lackluster performance of its main fund, clients withdrew $2.2 billion of their money in the three months to the end of September -- after a $1.4 billion net outflow the previous quarter.
The share price had been recovering since July, so the lack of any real sign of improvement is really not what the market wanted to hear.
Low & Bonar
Performance materials specialist Low & Bonar dropped 5% to 54 pence on the news that weakness in Europe will lead full-year performance to come in below current expectations -- though still ahead of last year. Sales of the firm's yarns, used for things such as artificial sports surfaces, are significantly lower than last year.
Despite a strong rise earlier this year, the shares have been volatile, but with a forecast dividend of more than 4% plus a forward P/E of nine, the price could still be cheap -- even if those forecasts do need to be slightly amended now.
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UBM saw an abrupt reversal of its recent gains today, falling 5% after announcing the acquisition of a 70% stake in EFEM, the organizer of Turkey's biggest baby-products trade show.
The midcap also provided an interim update telling us of a 5% rise in underlying revenue for the nine months to Sept. 30 and a 19% rise in adjusted operating profits. That looks pretty good, so why the price fall? It's hard to tell, but after a 50% rise this year, maybe a bit of profit-taking contributed.
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