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Losses accelerate for FTSE 100 as sentiment sours

Tuesday, 7th May 2019
Lower oil prices and falls for Asian-linked stocks put the firmly FTSE 100 on the backfoot on Tuesday as Trump's aggressive rhetoric on Chinese tariffs spooked the markets.

Insurer Prudential, banking giant HSBC and Burberry were among the victims of the sell-off falling 3.9%, 3% and 4% respectively. Oil majors BP and Royal Dutch Shell fell 2.7% and 3.9% apiece.

By the close the index of leading UK was down 1.6% at 7,260.47, with even a weak pound unable to prop up the index. In the US the S&P 500 was 1.5% lower at 2,890.26 by 4.30pm UK time.

Shares in Thomas Cook were up 6.5% after Lufthansa pitched a bid for its German airline and suggested it might extend its offer to include the travel operator's other carriers.

LARGE AND MID CAP RISERS AND FALLERS

Domino's Pizza sagged 2.2%, though pared heavier losses early on, after it said its international business would no longer break even this year, amid weak sales growth.

Vodafone gained 0.2% on news that it had entered into a cable wholesale agreement in Germany with Spain's Telefonica.

Pharmaceutical company AstraZeneca advanced 0.1% after a trial of a leukaemia treatment demonstrated an improvement in the time patients live without disease progression.

Real estate agency Purplebricks slumped 10.4% after it announced the sudden departure of founder and chief executive Michael Bruce, while also announcing a strategic review of its US business and exit from the Australian market.

Specialist insurer Hiscox fell 0.9% as quarterly growth in its retail premium revenue was offset by a weaker reinsurance performance.

Flooring supplier Victoria firmed 2.4% on announcing that it expected to post another boost in margins in the current financial year.

Africa-focused fuel retailer Vivo Energy gained 1.9% as its margins contracted in the first quarter, though sales volumes rose 7%.

SMALL CAP RISERS AND FALLERS

Ingredient supplier Treatt shed 2.9% after it booked a 28% fall in first-half profit, owing to a loss on the sale of vegetable seed oil business Earthoil Plantations.

Brake disc manufacturer Surface Transforms tumbled 15.7% as it downgraded its sales guidance due to contract delays.


Story provided by StockMarketWire.com


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