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11 Sep 2018 | 11:57

FTSE 100 slips on trade war fears

Miners came under pressure as concerns over an escalation in the trade war between the US and China re-ignited, dragging the FTSE 100 0.6% lower to 7,237.

Fresnillo lost 2.8% to 789.2p and BHP Billiton declined 1.8% to £14.87. Peers Anglo American and Randgold Resources also suffered falls of up to 1.9% each.

Brent crude oil was up 0.7% at $78 per barrel.


Chemicals giant Elementis delivered a better deal for its takeover of Mondo Minerals for $500m with an earn-out agreement, lower than its previous $600m proposal. Its shares shed 2.8% to 245.6p as it is going to have to hold a cut-price rights issue to help pay for the acquisition.

Equipment rental firm Ashtead reported rising first quarter underlying rental sales and pre-tax profits and said full year earnings would beat previous expectations, pushing the shares up 4.4% to £23.80.

Audio visual distribution specialist Midwich went in the opposite direction, falling 6.3% to 635p as investors were hoping for a stronger set of half year results.

Cairn Energy went from a profit of £77.7m a year ago to a loss of £602.9m in the first half of the year, prompting investors to mark the shares 4% lower to 222.9p.


DP Eurasia, the owner of the Russian and Turkish Domino's Pizza franchise, rose 8.1% to 91.9p after it proved to the market that earnings remained strong in its core regions, despite the recent Turkish currency crisis.

OneView announced it would seek shareholders' approval to delist from AIM, wiping off nearly three-quarters of its market value.

Neuroscience-focused data science company IXICO won a new contract with a top 10 global pharma group to provide its imaging services to support a clinical trial, triggering a 19.3% boost to 32.8p.

Video game developer Team17 unveiled its maiden results since debuting on AIM in May, revealing higher sales and earnings.

Business advisory company K3 Capital enjoyed a 53% jump in sales to £16.5m and soaring pre-tax profits, up 103% to £7.3m in the year to 31 May. The stock rallied 13.9% to 372.5p.

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