Shares in S4 Capital tumbled as the digital advertising agency warned that lower spending from tech clients would hit revenues.
The stock fell as much as 14 per cent in early trading before ending the day down 5.9 per cent or 2.7p to 42.3p.
The latest slide left shares in the firm that Sir Martin Sorrell set up in 2018 close to record lows.
Group revenues plunged 13.5 per cent to £376.1million in the first half to the end of June, which S4 blamed on continued economic uncertainty and high interest rates.
While S4 kept its annual profit forecast, it warned that annual revenues would be even lower than previously thought. Shares have plunged 95 per cent since they peaked at 870p three years ago.
Stock markets on both sides of the Atlantic were lifted as investors cheered a bumper rate cut by the Federal Reserve – if not the Bank of England.
The FTSE 100 rose 0.9 per cent or 75 points to 8,239, while the FTSE 250 rose 1.6 per cent or 327 points to 21,163.
Miners rallied on the back of higher metal prices.
Anglo American added 3.7 per cent or 77.5p to 2,201p, Glencore gained 2.3 per cent or 8.7p to 388.5p, Antofagasta climbed 4.5 per cent or 80.5p to 1,858 and Rio Tinto rose 3.1 per cent or 146p to 4,911.5p.
Property investor NewRiver tapped shareholders for £50m to help fund its potential takeover of Capital & Regional.
The group revealed it had made an offer of 62.5p a share that values the shopping centre operator at £147million. It represented a 21 per cent premium on the previous day’s closing price.
Stock Watch – Bytes Technology
Bytes Technology reported higher profits as the IT firm cashed in on demand for cyber security and artificial intelligence (AI).
Group profits rose 13.5 per cent in the first half to the end of August.
Chief executive Sam Mudd said the firm was ‘well positioned to benefit from structural demand drivers we see in our markets including cloud computing, cyber security and AI’.
Shares rose 7.8 per cent or 37p to 511.50p.
Shares in NewRiver rose 3.4 per cent or 2.7p to 82.2p while Capital & Regional gained 2.5 per cent or 1.5p to 62.7p.
Close Brothers is to sell its wealth management business to Oaktree Capital Management in a deal worth up to £200million.
The merchant bank also warned it will set aside funds to cover the cost of potential claims linked to historic motor financing deals.
Close Brothers shares fell 5.6 per cent or 29.5p to 498p.
Capricorn Energy expects to reach its annual production targets following a strong performance in Egypt. Shares rose 3.7 per cent or 8p to 225p.
Defence group Babcock reported higher revenues and profits in the five months to the end of August.
The firm said demand remained strong during the period as it extended its contract with the Polish Armaments Group to continue supporting Poland’s warship programme.
Babcock shares gained 7.1 per cent or 33p to 498p.
Ashtead Group made gains after analysts at Berenberg advised their clients to buy the equipment lender’s shares.
The broker also set a target price of 7,000p, sending the stock up 4.3 per cent or 240p to 5,780p.
PZ Cussons clawed back some losses a day after the Imperial Leather owner revealed its business had been hit by a 70 per cent fall in the currency of Nigeria, its biggest market, against the dollar.
Shares, which plunged 15 per cent yesterday, added 5.7 per cent or 5p to 92.5p.
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