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20 Nov 2018 | 09:09

UK stocks open 0.6% lower amid tech-sector woes

UK stocks opened lower on Tuesday alongside other global exchanges, as concerns about a slowdown in the tech sector sparked heavy selling on Wall Street.

At 0900, the benchmark FTSE 100 index was down 41.32 points, or 0.6%, at 6.959.57.

Low-cost airline easyJet fell 3.2%, despite its annual profit hitting the top end of its guidance range, as the company reiterated revenue per seat would fall in the first half of the current year.

Catering company Compass gained 4.4% after the market looked past a modest fall in profit and warmed to a strong performance at its North American division.

Mining group Anglo American fell 1.7% after diamond sales at its De Beers unit fell.

Broking house Plus500 rallied 6.2% on fresh guidance that its results for 2018 would beat market expectations.

Instrumentation and controls company Spectris surged 11% as sales rose 9% in the four months through October. The company also announced it would review its assets to narrow its focus on more profitable businesses.

Plastic piping and ventilation system manufacturer Polypipe Group said its revenue had increased 10.2% in the fourth months through October on a like-for-like basis. Its shares fell 0.6%.

Building materials group CRH said profits and earnings for the full-year would come in above that of last year. Its shares, however, were broadly unchanged.

Specialist building products supplier SIG shed 1.3% despite forecating a 'significant' profit improvement in the second half, as margin improvement offset falling revenue.

Aviation services group John Menzies gained 2.2% after it announced it was continuing to trade ahead of last year and was on track to meets its full-year expectations, though revenue growth had slowed.

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