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FTSE 100 dips after weak Chinese trade figures

Wednesday, 8th May 2019
Weak Chinese trade figures overnight added to renewed concern over the health of the global economy and the FTSE 100 fell 0.2% to 7,243.59 by midday.

European markets were also lower with US futures pointing to declines on Wall Street when trading resumes across the Atlantic.

Online estate agent Purplebricks remained under pressure after yesterday's disappointing trading update and the departure of its founder and CEO, down a further 11%.

LARGE AND MID CAP RISERS AND FALLERS

Imperial Brands slipped 5.1% after the tobacco company reported a slight gain in first-half profits, buoyed by ongoing growth in its vaping division, though there are signs its next generation products are struggling to gain traction in the US.

Television broadcaster ITV reversed 5.1% on reporting a 4% drop in quarterly revenue owing to weak advertising markets.

BHP dipped 0.5%, as it confirmed that a lawsuit had been filed in the UK against the mining giant in relation to the 2015 Samarco dam failure in Brazil. BHP said it would defend the claim.

Pub group JD Wetherspoon fell 4.4%, despite reporting a 7.6% rise in like-for-like sales for the first four months of the year.

The company also reiterated its annual guidance for a flat trading performance amid mounting costs.

Builders merchant and DIY group Travis Perkins rallied 2.4% as its sales rose 5.4% in the first quarter, putting it on track to meet its expectations for the full year.

Insurance company Direct Line shed 2.2% on the back of a fall in first-quarter premium revenue.

Building materials supplier SIG dipped 0.2% after it announced that its sales slipped in the first four months of the year, though margins had improved as it narrowed its focus.

Sub-prime lender Provident Financial dipped 0.5% on confirming that large shareholder Schroders, with a 14.6% stake in the company, had decided to reject Non-Standard Finance's hostile takeover bid.

SMALL CAP RISERS AND FALLERS

Auto retailer Vertu Motors gained 0.3%, as a 17% fall in its annual profit still beat the company's own expectations.

Quadrise Fuels gained 6.3% after it forged a non-binding agreement with Hawazin Regional Trading Company to developer its alternative fuel products in Kuwait.


Story provided by StockMarketWire.com


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