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UK stocks open 0.4% lower as US-China tensions simmer

Wednesday, 12th June 2019
UK stocks opened lower on Tuesday as US-China trade tensions lingered and protesters in Hong Kong continued to rail against a controversial China extraditions bill.

At 0849, the FTSE 100 was down 27.02 points, or 0.4%, at 7.371.43.

British American Tobacco fell 2.7% as it guided for revenue growth in its new category business, which includes vaping, 'around the middle' of a 30-50% range.

Consumer goods company Reckitt Benckiser fell 1.3% on revealing that it had appointed Pepsi executive Laxman Narasimhan as its new chief executive to succeed Rakesh Kapoor.

Online retailer Boohoo shed 3.5% despite booking a 39% jump in first-quarter revenue and leaving its full-year guidance unchanged.

Auto dealer Pendargaon reversed 26% on warning that it expected to post a an underlying loss for the year owing to weaker demand, high stock levels and rising costs.

Sirius Minerals, which is building a fertilizer project in Yorkshire, gained 0.6% on news that it had signed a supply agreement with the Indian Farmers Fertilisers Cooperative.

Technology component manufacturer Senior fell 0.8% despite announcing that it had opened a new aerospace manufacturing facility in Malaysia.

Porn broker Ramsdens added 1.2% after higher jewellery sales helped it eke out a 2.9% rise in annual profit.

Voucher company Park fell 0.6% as it booked a 10% fall in annual profit, amid lower sales in its consumer business.

Industrial and commercial equipment supplier HC Slingsby slumped 13% after it revealed that its earnings had been pressured by lower sales growth in April and May, pinned on Brexit uncertainty.

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