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FTSE falls as trade war bounce fades

Tuesday, 4th December 2018
The FTSE 100 came under pressure as the relief rally from the trade war truce faded as investors questioned whether a permanent solution to the tensions between the US and China was possible, instead of a just temporary reprieve. By the close the FTSE 100 was down 0.5% at 7,022.

European indices were in the red with Germany's DAX falling 1.1% to 11,344.

On Wall Street, the mood was also downbeat with the S&P 500 dropping 0.7% to 2,769 at around 4:45pm UK time.

Brent crude oil was stable at $61.90 per barrel and copper cheapened 1.4% to $2.76 per pound.


Plumbing and heating products group Ferguson fell 4.3% to £49.75 despite reported an improved trading profit, as strong US performance was offset by weakness in the UK.

Builders merchant Travis Perkins dipped 0.6% to £10.93 after it announced that it would attempt to sell its plumbing and heating division.

The sale would come as part of a broader corporate restructure that would also involve slashing costs and 'maximising the value' of its Wickes DIY chain.

Pest control company Rentokil Initial retreated 0.2% to 336.9p on news that it had agreed to transfer its £1.5bn pension scheme to Pension Insurance Corporation ahead of a full buy-out of the scheme in 2020.

Brokerage IG Group reversed 9.7% to 549.5p as it warned first-half revenue would undershoot that of last year amid a tougher regulatory climate.

Ryanair dipped 1.7% to €11.43 as it flew 11% more passengers during the month of November, and said it had signed a wages agreement with German pilots.

Hungarian low-cost rival Wizz Air fell 3.9% to £28.70, despite also flying 11% more passengers in November, as it launched new routes to and from Poland, Ukraine and Hungary.

Engineering services company James Fisher and Sons shed 3.4% to £16 on announcing that chief executive Nick Henry would retire the end of next year.

Plastics producer Victrex posted a 15% rise in full-year profit, buoyed by its industrial division, though sales volumes decreased in the second half due to weakness in the automotive sector. Its shares declined 6.1% to £23.60.


Drug and delivery device company Consort Medical fell 21.1% to trade at 770p on a full year profit warning.

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