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25 Apr 2019 | 09:15

UK stocks fall for second day on US losses

UK stocks are falling for the second session on Thursday in line with overnight losses in the US and a mixed session in Asia.

At 08:58, the benchmark FTSE 100 stood 0.55%, or 41.15 points, lower at 7,430.60.

Barclays fell 1.98% as it reported a decline in first-quarter pre-tax profit amid a slip in total income owing to a challenging income environment for its corporate and investment bank division.

Sainsbury's slumped 5.52% after the Competition and Markets Authority's blocked the merger of Sainsbury's and Asda as Sainsbury's, Walmart and Asda "mutually agreed" to terminate the proposed transaction.

Housebuilding company Taylor Wimpey dropped 4.45% even as it said the market for new-build housing had remained "stable" in the first four months of 2019 despite ongoing political uncertainty, adding it was on track to meet its full-year expectations.

Kaz Minerals slipped 1.25% despite saying it was on track to meet annual production guidance after reporting an uptick in copper output in the first quarter of the year amid record output at its Aktogay mine.

Oil company Tullow Oil fell 2.08% after it revised down its full-year production forecast following lower-than-expected first-quarter oil production due to now-resolved technical issues in its Ghana fields.

Anglo American shed 0.94% even as it kept its guidance on full-year production unchanged despite reporting a fall in first-quarter copper equivalent production, driven by slump in metallurgical coal production.

Housebuilder Galliford Try lost 1.49% despite announcing it had been selected by Enfield Council to build the first 725 homes at the £6bn Meridian Water development in the Lea Valley.

Cobham edged 0.22% lower as it said first-quarter performance was in line with management's expectations and revealed that its cost-cutting programme in its advanced electronic solutions sector had commenced.

Specialist long-term income real-estate investment trust Secure Income REIT slipped 0.0097% as it announced an interim dividend of 3.9325p/share for the year ending 31 December 2019.

Acacia Mining dropped 3.85% after it swung to a loss in the first quarter of the year as revenue declined 12% amid lower sales and falling gold prices.

Bucking the downward trend, UK fertiliser development company Sirius Minerals climbed 3.91% after it announced it had entered into an exclusive 10-year supply and distribution agreement with European agribusiness group BayWa Agri Supply & Trade for distributing its POLY4 product in Europe.

UK chemicals business Synthomer lost 0.97% after it said that as trading in the first quarter had, overall, been in line with expectations, it had left its full-year outlook unchanged. Story provided by StockMarketWire.com
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