Share Prices & Company Research

Market News

01 Aug 2018 | 16:45

Trump tariff threat throws European equities into the red

European equities were under pressure following the latest threat from US President Donald Trump to enforce more tariffs on Chinese goods.

The FTSE 100 slumped 1.2% to 7,652 with lower losses throughout Europe as the DAX slipped 0.5% lower to 12,738.

Among the biggest fallers were miners. BHP Billiton retreated 3% to £17.02 and Glencore lost 3.1% to 324p.

Miner Rio Tinto revealed stronger first half profits and hiked its dividend, but trade wars concerns overshadowed the robust performance as the shares reversed 3.4% to £40.54.

Brent crude oil was down 2% at $72.73 per barrel and copper cheapened 2.6% to $2.75 per pound.

In the US, investor sentiment was stronger thanks to robust earnings at Apple, alleviating concerns over the tech sector. The tech-heavy Nasdaq enjoyed the most gains, up 0.3% at 7,695 around 4:45pm UK time.

MID AND LARGE CAP RISERS AND FALLERS

High street bank Lloyds beat profit expectations and boosted its guidance despite putting aside compensation money for mis-selling private protection insurance, helping the stock gain 1.6% to 63.4p.

BBA Aviation slumped 11.4% to 310p on declining operating margins from 20% to 17.7% in the half year to June.

A hot summer was bad news for fashion retailer Next, which fell 7.1% to £55.12, on disappointing quarterly sales figures.

Engineer Aggreko rallied 9.2% to 812p on a robust set of first half results as sales and profitability both rose.

Shares in outsourcer Capita went 8.6% in the other direction to 148p following a drop in sales and profitability in the first half of 2018.

Funeral provider Dignity beat first half profit expectations following a higher death rate, pushing the stock 3.8% higher to £10.51.

Higher sales volumes and price increases boost first half profit at packaging business Smurfit Kappa, helping the shares advance 2.7% to £32.16.

Insurer Direct Line struggled on a drop in gross written premiums and rising combined ratio, implying lower profitability and hit the stock 1.6% to 338.5p.

Man Group added 6.3% to 184.4p on an increase in funds under management to $113.7bn.

SMALL CAP RISERS AND FALLERS

Filtronic rallied 27.4% to 12.8p after winning a new contract worth $2m from a major European original equipment manufacturer.

Story provided by StockMarketWire.com
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