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UK stocks edge lower amid geopolitical tensions

Thursday, 9th August 2018
UK stocks are edging lower on Thursday amid ongoing tensions between China and the US and new US sanctions against Russia as company results season continues.

At 08:57, the benchmark FTSE100 index was down 49.53 points, or 0.64%, at 7,727.12.

Legal & General was down 0.68% after reporting lower first-half pretax profits as investment performance was hurt by volatility in global financial markets.

Real estate firm Savills fell 2.95% after posting a 12% drop in Group underlying profit in the first half of 2018 to £42.4m and despite anticipating that full-year performance would still be in line with expectations.

Derwent edged 0.39% lower after raising its interim dividend by 10% despite reporting Thursday a modest increase in first-half net rental income weighed by asset sales from last year.

BHP fell 0.58% after announcing that it had reached a $50m settlement related to the Samarco dam disaster with plaintiffs who had purchased American depositary receipts.

Mining firm Randgold Resources dropped 2.73% amid ongoing challenges and despite reporting it was on track to meet its production guidance in 2018 after a "record quarter" at its Kibali mine.

Coca-Cola HBC was down 1.24% despite reporting double-digit pretax profit for the first half of the year as hot weather and the World Cup supported demand.

Oil and gas group OMV Petrom jumped 9.54% following news it has started production from its new offshore well LVO7 in Romania's Lebada Vest field, the country's largest offshore oil field currently in production.

EVRAZ was down 1.11% as it warned that prices were expected to moderate in the second half of the year despite reporting a sharp uptick in first-half revenues and profits, led by improving steel and coal prices.

Tritax Big Box REIT fell 0.71% despite announcing it had hiked its dividend per share 4.7% to 3.35p in the six months to 30 June 2018, putting it on track to hit its full-year target of 6.70p.

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