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UK stocks open 1.51% lower as plummeting global stocks prompt sell-off

Thursday, 11th October 2018
UK stocks are falling on Monday echoing the sharp sell-off across the Asian and US equities markets as concerns over rising interest rates mounted.

At 0858, the benchmark FTSE 100 index was down 108.18 points, or 1.51%, at 7.037.56.

Homebuilder Countryside Properties shed 7.14% as it reiterated medium-term guidance Thursday after reporting higher completions and sales amid strong demand from first-time home buyers.

Jupiter Fund Management also fell, losing 4.48% after it reported a fall in assets under management in the third quarter of the year following outflows from the fixed income market.

Bucking the trend, homewares furnishings retailer Dunelm climbed 4.42% despite striking a cautious tone on the months ahead owing to "market and customer uncertainty" even as sales and margins grew in the fiscal-first quarter.

However, retailer WH Smith plummeted 9.19% after announcing it would restructure its High Street business and close six high street stores following the results of a recent review prompted by the challenging retail environment.

Money-saving website Moneysupermarket.com edged 0.72% lower despite reporting that total revenue for the nine months to 30 September 2018 grew 6% to £270.1m, with all business areas seeing growth over the period.

And recruitment group Hays slumped 12.39% despite reporting higher net fees income in the fiscal first-quarter, led by "strong" performance in Germany.

But international packaging and paper group Mondi edged 0.84% higher after it reported underlying profit of €466m for the third quarter of 2018, an increase of 30% on the previous year and 4% on the second quarter.

Tritax Big Box REIT lost 0.27% after announcing an interim dividend of 1.675p per ordinary share for the period from 1 July to 30 September 2018.


Story provided by StockMarketWire.com


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