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Market News

06 Sep 2018 | 16:40

Markets await latest China tariff news

The markets were stuck in the doldrums on Thursday amid reports an embattled Donald Trump is about to make a rumoured wave of $200bn tariffs on Chinese imports official.

Amid sterling strength against the euro and the dollar, the FTSE 100 closed the day down 0.95% at 7,313.35.

By 4pm UK time the S&P 500 was down 0.6% at 2,872.53.

MID AND LARGE CAP RISERS AND FALLERS Dixons Carphone fell 1.8% to 161.2p as like-for-like revenue was flat in the first quarter. While the World Cup boosted demand for consumer electronics, struggles in its mobile segment continued. Train operator Go-Ahead accelerated 11.6% to £18.25 after operating profit beat expectations thanks to a better than expected performance in its rail business and improved trading in the bus division in London. Animal genetics company Genus fell 6.3% to £25.52 as a write-down of its biological assets hit statutory pre-tax profit by 81% to £7.8m in the year to 30 June. Melrose reported an operating loss of £256m, down from a profit of £58m as acquisition-related costs from the prolonged takeover of GKN made an impact. Investors focused on a hiked dividend and 'significant potential' for GKN as the stock rallied 3.2% to 229.8p. Housebuilder Bovis Homes announced annual profit is anticipated to hit the upper end of expectations thanks to surging first half profit, pushing the shares 1.6% to £11.49. There was also good news from peer McCarthy & Stone, up 2.6% at 114.8p, as a 10% jump in average selling prices to approximately £300,000 boosted sales in the year to 31 August. Budget airline EasyJet failed to take off, down 2.2% at £14.62, despite flying 5.6% more passengers in August compared to August 2017. The market was concerned about Sirius Minerals' higher capital requirement estimates, offsetting two new major contract wins as the shares slid 17.1% to 27.1p.

SMALL CAP RISERS AND FALLERS Social video business Brave Bison soared 61.3% to 2.42p on a distribution partnership with Chinese conglomerate Tencent, offering the company access to over 1.5bn Chinese viewers.

Story provided by StockMarketWire.com
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