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17 Apr 2019 | 09:03

UK stocks drift lower amid mixed US earnings

UK stocks drifted lower on Wednesday as investors weighed the release of relatively positive Chinese economic growth figures with mixed corporate earnings results in the US.

At 0851, the FTSE 100 was down 7.28 points, or 0.1%, at 7.462.64.

Mining titan BHP fell 2.6% after it cut its iron-ore output guidance following cyclones in Australia's remote Pilbara region.

Healthcare services group Mediclinic International jumped 8.3% after it announced it would post a 3.5% fall in annual earnings, a shallower drop than what the market had feared.

Outsourcing group Bunzl tumbled 12% on announcing that its revenue growth had slowed during the quarter due to mixed macroeconomic and market conditions.

Financial services company Quilter fell 1.2% despite its assets under management growing 5.1% in the first quarter, supported by market performance. Quilter also announced negative client cash flows for the quarter.

Utility services provider Telecom Plus dropped 3.1% on warning that its annual profit would be at the lower end of its previous guidance range.

Packaging group DS Smith gained 1.3% on the back of news that it had agreed to sell two packaging businesses in France and Portugal to International Paper for €63m. The deal satisfies a regulatory condition of its acquisition of Europac.

Property investor and developer Segro shed 1.0% after it secured £21.2m of new headline rent in the first quarter, though this was lower than the £27.3m secured on-year.

Home builder Countryside Properties gained 4.8% as it forecast improved completions in the second half.

Disease diagnostic kit supplier Omega Diagnostics dropped 0.9% as it warned of a full-year loss. Story provided by StockMarketWire.com
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