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FTSE remains in negative territory amid growth fears in China and Europe

Friday, 14th December 2018
The FTSE gained some momentum throughout the day amid weaker sterling, but ultimately struggled to drag itself out of the red, trading 0.5% lower at 6,845.

Sterling declined after UK Prime Minister Theresa May failed to gain any concessions from the EU in a bid to gain support for her Brexit deal.

Softer than anticipated data from China and Europe weighed on sentiment across the globe with sharp falls in European indices and on Wall Street.

Brent crude oil slipped 2% to $60.22 per barrel.

LARGE AND MID CAP RISERS AND FALLERS

Construction group Balfour Beatty climbed 3.7% to 255.3p as it announced its full-year performance would be above previous expectations, thanks to additional asset sales.

Aggreko added 2.1% to 730.1p after announcing that it had won a $200m contract to supply temporary electricity systems for the 2020 Tokyo Olympics.

AO World gained fell 1.6% to 127.8p as it confirmed that it expected its acquisition of phone retailer Mobile Phones Direct to be completed by Monday.

British American Tobacco fell 1.5% to £26.60 on announcing that it had appointed Paul Lageweg and Marina Bellini to the newly-created roles of new categories director and digital director. The roles of chief operator officer and business development director would now cease to exist, it added.

SMALL CAP RISERS AND FALLERS

Daily Mirror and Express newspaper publisher Reach rallied 10.5% to 63p after it announced its performance for 2018 would be 'marginally' ahead of market expectations, even as like-for-like revenue fell 5% in the fourth quarter.

Specialist recruitment firm SThree rose 3.8% to 270p on upgraded expectations of a full-year adjusted profit slightly ahead of the current market consensus range.

Professional consultancy Science Group dropped 6.6% to 200.8p on news that it cancelled a formal sale process of the company, citing political and economic uncertainty.

Property services group Fletcher King was flat at 47.7p after first-half profits fell and it warned Brexit uncertainty would likely continue to hurt profits and fee income.

Performance materials group Low & Bonar cut its dividend as a tough market and trading conditions continued to hit trading, dragging the shares 14.9% lower to 17.4p.


Story provided by StockMarketWire.com


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