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FTSE falls amid concerns around interest rate hikes and Brexit

Thursday, 4th October 2018
The FTSE 100 suffered deeper losses, falling 1.2% to 7,418, on the concerns over the pace of potential interest rate rises and the possible impact of Brexit on the car industry.

The UK new car market fell 20.5% in September as new testing requirement continued to affect supply according to the Society of Motor Manufacturers and Traders.

Sentiment in the US was also weak with the Nasdaq falling 1.5% to 7,906 around 4:45pm UK time.

Brent crude oil slipped 0.7% to $85.65 per barrel and gold glittered at $1,204 per ounce.

MID AND LARGE CAP RISERS AND FALLERS

Global healthcare firm BTG hiked its anticipated product sales growth from 13% to 15% to a range of 15% to 17% thanks to the inclusion of varicose veins treatment Varithena in the company's forecasts. The stock gained 5.1% to 588p.

Budget airline EasyJet announced a 14.2% rise in the number of passengers to 8.8m in September and a dip in the load factor, causing the stock to retreat 1.8% to £11.95.

Ted Baker enjoyed a 24% surge in online orders but investors focused on challenging conditions on the high street as UK and European in-store sales rose only 1%. Shares in the fashion retailer slumped 10% to £20.76.

Electrocomponents continued to perform well with strong like-for-like sales growth in the second quarter, helping the shares to rise 4.3% to 749.4p.

Chemicals specialist Elementis was up 20.3% at 243.4p following an initial 12.3% drop on the admission of new shares to pay for the acquisition of Mondo Minerals.

SMALL CAP RISERS AND FALLERS

Sofa seller DFS Furniture shed 3.1% to 203.5p after pre-tax earnings dropped by nearly 50% to £25.8m, missing analyst forecasts as a downturn in market demand, attributed to the summer heatwave, hit fourth quarter trading.

Car testing business AB Dynamics revealed sales and pre-tax profits are anticipated to 'significantly exceed' analysts' forecasts, triggering a 12.1% share price rally to £14.38.

A profit warning at Audioboom wiped off over a third of its market value, leaving the share price at 1.5p.


Story provided by StockMarketWire.com


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