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Oil and stocks collapse with the FTSE falling through two-year lows

Thursday, 6th December 2018
Fears over a re-escalation of trade tensions and concern OPEC might not cut production at its meeting later today are seeing both oil and equity markets come under severe pressure.

The FTSE 100 had sunk through two-year lows to trade 2.5% lower at 6,750.32 and it is looking just as ugly across the pond with US futures pointing to big declines later.


Packaging company DS Smith slumped 4.9% to 310.2p despite reporting a 27% increase in pre-tax profit and as it said it was exploring opportunities for the sale of its plastics division.

Euromoney Institutional fell 3.4% to £12.36 after it said Thursday it had agreed to acquire The Deal, comprising BoardEx and The Deal, from parent company TheStreet, for $87.3m.

Quirky British brand Ted Baker climbed 1.1% to £14.84 even as it reported a 0.2% loss in Group revenue over the last quarter, as wholesale sales slowed and the retail environment remained challenging.

The company also announced an independent probe into allegations over the conduct of its founder and chief executive Ray Kelvin, the allegations had seen the shares fall sharply earlier in the week.

Listed residential landlord Grainger dipped 1.4% to 224p after it said it had been shortlisted as one of three companies by Transport for London for a strategic private rented sector partnership to deliver around 3,000 homes for rent for Londoners on 10 identified sites around tube stations.

Insurer Beazley fell 4.1% to 520.5p as it announced flat year-to-date investment returns and estimated the cost of claims arising from the 2018 California wildfires were $40m, net of reinsurance.


C4X Discovery Holdings and e-therapeutics cliimbed 2.8% to 74.5p and 4.1% to 6.9p, respectively as they said they had identified novel approaches to drug targets for the potential treatment of Parkinson's Disease.

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