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Global equities tumble amid gloomy global growth forecasts

Wednesday, 10th October 2018
There was a sea of red globally as the International Monetary Fund slashed global growth forecasts.

The FTSE 100 fell 1.3% to 7,145 after mixed UK economic figures as the mining sector continued to struggle.

In Europe, the DAX dropped 1.9% to 11,742 while Wall Street suffered similar losses.

The Dow Jones and S&P 500 shed 1.4% each while the Nasdaq fell 2% to 7,578 at around 4:45pm UK time.

LARGE AND MID CAP RISERS AND FALLERS

Recruitment firm PageGroup was down 1.1% at 539p, paring earlier gains on news it expected to post annual profit 'marginally' head of market expectations, after a strong offshore showing offset weaker growth in the UK.

Pub group and brewer Marston's shed 2.2% to 99p after it predicted a modest rise in full year profit, as 15% growth in revenue was offset by higher interest charges.

In a shock development, cafe chain Patisserie Holdings said it had suspended chief financial officer Chris Marsh and commenced an investigation into potentially fraudulent accounting irregularities. Its shares were suspended from trading.

Energy utility SSE, meanwhile, welcomed a finding by the UK's anti-trust regulator that a planned merger of it and Innogy's Npower retail businesses didn't raise concerns. SSE shares were broadly unmoved at £11.37.

Hollywood Bowl pleased with a 'robust' full year performance thanks to increased consumer spending on entertainment and news that the board is considering returning additional cash to shareholders. The shares traded 4.5% better to 210p.

SMALL CAP RISERS AND FALLERS

A positive update from Advanced Oncotherapy on the development of its LIGHT system caused the shares to soar 31.8% to 43.5p.

Vertu Motors slid 6.8% to 38.2p after it kept its dividend flat amid falling profits in a tough market for car dealers.

Luxury furniture retailer Walker Greenbank dropped 1.9% to 73.05p as it posted an 8.8% fall in first-half profit, after sales slipped in a 'difficult marketplace.'

Industrial technology supplier Sanderson reversed 5.4% to 79p after it said it expected to post full year results 'slightly' ahead of market expectations.

Women's online fashion retailer Sosandar gained 7.8% to 33.5p as it said it expected to book a large rise in sales in the first half, while margins would also improve.


Story provided by StockMarketWire.com


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