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13 Aug 2018 | 09:01

FTSE slumps as Turkey contagion fears intensify

UK stocks opened lower on Monday as fears intensified that Turkey's ongoing financial problems could infect global markets.

At 0854, the benchmark FTSE 100 index was down 51.84 points, or 0.6%, at 7.615.17.

Mining shares were among the hardest hit, with Anglo American, Antofagasta, BHP Billiton and Rio Tinto falling 1.9%, 1.4%, 1.1% and 1.0%, respectively.

An incident at one of defence company Chemring's UK manufacturing facilities, which left one worker dead and another badly injured, prompted it to warn on profits and sent the company's shares 16% lower.

Contracts for difference broking house Plus500 sank 12% after it warned it couldn't repeat a stellar first-half performance in the second half, partly due to adverse regulatory changes in Europe.

Shipping services provider Clarkson gained 1.8%, despite booking a lower first-half profit in 'challenging' conditions, as it nevertheless increased its interim dividend and kept its full-year guidance intact.

Wealth manager Brewin Dolphin fell 2.4%, even as it revealed that it had poached Siobhan Boylan, the chief financial officer of Legal & General's wealth management unit, to be its new finance director.

Pharmaceuticals group Shire said its partner in Japan, Shionogi & Co, had submitted a new drug application for the manufacture and marketing of a treatment for attention deficit hyperactivity disorder in adults. Shire shares eased back 0.1%.

Irish rock-drilling specialist Mincon Group rallied 5.4% after it booked a 25% rise in first-half profit, as a demand recovery helped it improve its margins.

Energy storage and clean fuel company ITM Power gained 1.2%, as its revenue rose by more than a third -- though it still booked a loss owing to investments in a new plant and a recruitment drive.

Professional services firm Management Consulting Group said its first-half losses deepened as revenue fell in all its geographic markets. Its shares slumped 11%.

Avesoro Resources gained 2.0% after higher gold production helped it swing to a first-half profit.

Story provided by StockMarketWire.com
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