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FTSE plummets on latest Trump tariff threat

Wednesday, 11th July 2018
Trade war fears flared up after US president Donald Trump threatened another set of tariffs worth $200bn on Chinese imports, dragging the FTSE 100 1.2% lower to 7,599.

Miners and oil majors were among the worst hit.

BP (BP.) fell 2.3% to 575.9p and Royal Dutch Shell (RDSB) slid 1.7% to £27.32.

In the mining sector, Evraz (EVR) and Glencore (GLEN) took the biggest hits of up to 5% each.

Brent crude oil declined 2.1% to $77.20 per barrel. Copper cheapened 2.9% to $2.75 per pound and gold retreated 0.3% to $1,250 per ounce.

MID AND LARGE CAP RISERS AND FALLERS

Shares in addiction treatment specialist Indivior (INDV) suffered a 31% crash to 260.9p after pulling its earnings guidance for the year to 31 December 2018. Indivior blamed a generic drug launch by Dr Reddy's Laboratories before the launch was temporarily blocked and a slow uptake of Sublocade.

Broadcaster Sky (SKY) agreed to a higher £24.5bn takeover offer from Rupert Murdoch's 21st Century Fox. The stock nudged 0.4% lower to £14.95.

UK housebuilder Barratt Developments (BDEV) added 2.1% to 493p after announcing it expects to end its financial year with record pre-tax profits of £835m.

Software firm Micro Focus (MCRO) fell into a first half loss as problems integrating its purchase of HP's software division hit its performance, causing the shares to decline 11.4% to £11.55.

Luxury fashion brand Burberry (BRBY) shed 2.9% to £20.39 amid flat sales in its first quarter, which it blamed on a period of transition.

Recruitment specialist Page Group (PAGE) dipped 1.9% to 580p despite full year operating profit beating market expectations.

SMALL CAP RISERS AND FALLERS

Investment company Tern (TERN) rallied 15% to 27.6p following the launch of Thales's healthcare Internet of Things security solution.

Cell-based therapeutics developer ReNeuron (RENE) sealed an exclusivity agreement with a US-based speciality pharma company for the potential out-licensing of some of ReNeuron's programmes. The stock surged 22% to 98.7p.

Windows retailer Safestyle (SFE) crashed 17.6% to 40.9p on expectations sales will be below market forecasts and small underlying pre-tax loss. According to the company, the outcome reflects lower margins and higher operational costs.


Story provided by StockMarketWire.com


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