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UK stocks open 0.5% lower as miners weigh

Friday, 30th November 2018
Weakness among miners led UK stocks lower on Friday as investors braced for a showdown on trade talks between the US and China at the G20 summit in Argentina.

At 0855, the benchmark FTSE 100 index was down 37.18 points, or 0.5%, at 7.001.77 on what was a particularly quiet Friday for company announcements.

Antofagasta, Anglo American and Glencore led miners lower, with falls of 2.3%, 2.3% and 1.9%, respectively.

Shire gained 0.4% after European regulators granted marketing authorisation for its treatment for rare genetic condition hereditary angioedema.

Cross-border financial services provider STM Group dropped 9.6% as it warned its full-year profit would be hurt 'uncollectable policy fees' and weaker than expected new business wins in an insurance division.

Engineering services company Babcock International won a 10-year contract worth around £100m for aerial firefighting in Canada. Its shares, however, fell 0.6%.

Children's entertainment and education company Live Company gained 4.8% on news that South Korean company AWC Asia would lease its 'Mythical Beasts' touring assets until December 2021, for a fee of $1.3m.

Impact Healthcare REIT gained 0.6% as it pulled the pin on an equity raising after ending talks to acquire a portfolio of UK care homes with over 2,500 beds.

Private rented sector property investor PRS REIT, meanwhile, signed contracts on four new development sites for 464 new family homes costing £68.2m combined to build. Its shares fell 0.5%.

Rare book trader Scholium Group swung to an annual loss due to outlays associated with the establishment of a new stamp auction house. Its shares were flat.




Story provided by StockMarketWire.com


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