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22 Jan 2019 | 08:57

UK stocks open 0.2% lower on global growth fears

UK stocks opened lower on Tuesday as slowing growth in China and fears of a no-deal Brexit stoked concerns about the strength of the global economy.

At 0852, the benchmark FTSE 100 index was down 15.05 points, or 0.2%, at 6.955.54.

Mining titan BHP fell 1.8%, despite upgrading its annual copper production forecast, after it also warned that unit costs were tracking above guidance amid planned maintenance and production outages.

Low-cost airline easyJet gained 1.8% as it stuck to its annual guidance, despite widely-publicised drone activity grounding flights at Gatwick airport over Christmas.

Phone retailer Dixons Carphone gained 3.5% after it posted a 1% rise in like-for-like revenue over the Christmas trading period and kept its profit guidance intact.

Cairn Energy gained 1.7% after it forecast a rise in annual oil and gas production for 2019.

Merchant banking group Close Brothers fell 2.1% as it warned that market volatility had impacted trading income and investment performance in a 'solid' first half.

Sirius Minerals shed 1.5% after it announced that it had agreed to revise the terms of a potential $3bn round of funding for its flagship fertilizer project in Yorkshire.

Pet product and veterinary business Pets at Home gained 7.1% as it posted a 6.3% rise in third-quarter revenue, putting it on track to meet annual profit guidance.

Time Out added 0.7% as it completed the sale of its stake in Flyt to food delivery group Just Eat for £9.6m.

Media services company Zoo Digital plunged 48% as it guided for annual earnings 'significantly' below expectations after the loss of a key project crimped sales.

Advanced materials supplier Velocity Composites lost 9% after it booked a deeper annual loss, owing to shrinking margins and higher expansion and restructuring costs. Story provided by StockMarketWire.com
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