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Market News

22 Jan 2019 | 17:00

Chinese slowdown contagion fears hit global equities

Concerns about the slowdown in China spreading hit oil prices with Brent crude oil slumping 2.8% to $61 per barrel, which also put oil majors and miners under pressure.

Royal Dutch Shell slipped 2.8% to £23.34 and BP fell 1% to 516.9p. Among the miners, Evraz and Rio Tinto were the biggest fallers, shedding over 2.2% each.

The FTSE 100, which closed 1% lower at 6,901, was also not helped by the stronger pound following upbeat wage growth data earlier today.

European and US equities suffered smaller losses as the jitters spread.

LARGE AND MID CAP RISERS AND FALLERS

Mining titan BHP fell 1.9% to £15.79, 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 6.2% as it stuck to its annual guidance, despite widely-publicised drone activity grounding flights at Gatwick airport over Christmas.

Phone retailer Dixons Carphone gained 3.9% to 142.9p after it posted a 1% rise in like-for-like revenue over the Christmas trading period and kept its profit guidance intact.

Brokerage IG Group slid 9.5% to 580p as it announced a 17% fall first-half profit owing to a regulatory clampdown on derivative products.

Cairn Energy gained 1.7% to 188.3p after it forecast a rise in annual oil and gas production for 2019.

Merchant banking group Close Brothers fell 1.5% to £15.39 as it warned that market volatility had impacted trading income and investment performance in an otherwise 'solid' first half.

Sirius Minerals shed 7% to 20.8p 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 rallied 17.3% to 147.2p as it posted a 6.3% rise in third-quarter revenue, putting it on track to meet annual profit guidance.

SMALL CAP RISERS AND FALLERS

Time Out was flat at 68.5p after completing the sale of its stake in hospitality platform Flyt to food delivery group Just Eat for £9.6m.

Infrastructure services provider Kier revealed trading was in line with expectations and announced chairman Phillip Cox will replace departing chief executive Haydn Mursell. Shares in Kier advanced 0.7% to 527.5p.

Media services company Zoo Digital plunged 43.8% to 64.6p as it guided for annual earnings 'significantly' below expectations after the loss of a key project crimped sales.

Advanced materials supplier Velocity Composites lost 13.5% to 19p 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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