IMI plc (LON:IMI) lags FTSE 100 as buyback impact dulls gains
IMI plc fell 8p to 2,916p on Thursday, losing 0.27% while the FTSE 100 added 1.67%. IMI lagged the index by nearly 2 points. Trading volume was about 18% higher than usual. Hargreaves Lansdown listed the stock as closed for the day with pricing delayed. IMI gave up just a little ground. The setup was bigger. Shares are still sitting 39.12% higher year-on-year and now just 4.21% under their June 19 peak at 3,044.04p. That doesn’t leave much space for a typical buyback and guidance play unless July earnings prove the valuation.