FTSE 100 up but Domino's Pizza shares hit as sales slow

Image source, Reuters

Shares in Domino's Pizza were down nearly 7% before closing down 5.5% after it delivered disappointing news on its sales growth.

Six months UK like-for-like sales growth was 2.4% from 13% last year.

The news overshadowed a 9% increase in profits for the half year to £44.6m,

Virgin Money was another FTSE 250 member having a bad day. Its shares fell 9% after the bank warned there could be some "areas of weakness" in the UK housing market.

However, Virgin said the housing market should remain "resilient", and it reported a 26% rise in half-year underlying profits to £128.6m.

London's benchmark FTSE 100 share index was up 57.09 at 7,434.82 at the close.

Top risers were the miners in afternoon trading, with Kaz Minerals leading the charge with a gain of 9%.

The copper price hit a five-month high after reports of stronger-than-expected demand from China.

But back in the FTSE 250, Acacia Mining shares were down a further 9% as investors reacted to news that the company had been handed a $190bn bill for unpaid taxes and penalties from Tanzania.

The company has been accused of under-reporting export revenues, which Acacia denies.

Media group Informa, which rose 6.8% after it reported a 40% rise in half-year revenues thanks to strong trading at its global exhibitions business. It later trimmed that gain to close up 3%.

On the currency markets, the pound edged up 0.1% against the dollar to $1.3041, and was flat against the euro at 1.1194 euros.