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Market News

26 Oct 2018 | 16:54

Global sell-off continues despite upbeat US growth data

Stronger than expected US growth figures failed to shake global equities out of their decline with the FTSE 100 falling 0.9% to 6,939.

Disappointing results from online giant Amazon and Google's parent company Alphabet alongside geopolitical and economic concerns continued to weigh on Wall Street.

The tech heavy Nasdaq retreated 2.3% to 7,147 at around 5pm UK time, followed by smaller declines in the Dow Jones.

European equities also suffered from the sell-off with Germany's DAX trading 1.1% lower at 11,175.

Brent crude oil rose 0.5% to $77.28 per barrel.

LARGE AND MID CAP RISERS AND FALLERS

State-owned lender Royal Bank of Scotland slumped 4.1% to 224.9p, despite posting a rise in third-quarter profit, as investors focused on a contraction in its margins owing to mortgage competition and £160m of fresh impairment charges.

IAG was flat at 585.6p after the British Airways owner eked out a small rise in third-quarter operating profit, as higher passenger volumes helped offset rising fuel costs.

Auto retailer Pendragon dipped 0.9% to 26.2p despite downgraded annual profit guidance. The company had already warned on profit last week blaming new global vehicle testing standards for disrupting supplies and hurting revenue.

Glencore swas broadly unmoved at 302.5p after the miner and commodities trader cut its oil production guidance due to an unplanned outage in Chad.

Chemicals manufacturer Croda International fell 1.1% to £46.78 on news it would scrap pesticide group Plant Impact's agricultural sales team in Brazil, despite having recently acquired the business.

SMALL CAP RISERS AND FALLERS

Meat retailer Crawshaw slumped 12.9% to 2.09p after confirmed media reports that it was mulling an equity raising.

Education-focused virtual reality company VR Education slumped 17.4% to 9.5p after it said its annual revenue would be significantly below expectations owing to a delay launching a key product on PlayStation.

Story provided by StockMarketWire.com
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