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07 May 2019 | 08:48

UK stocks open 0.2% lower after new Trump tariff threat

UK stocks opened lower on Tuesday after Donald Trump threatened to raise tariffs on Chinese goods, while a stronger pound put pressure on British companies with offshore sales.

At 0842, the FTSE 100 was down 12.72 points, or 0.2%, at 7.367.92.

Domino's Pizza sagged 6.8% after it said its international business would no longer break even this year, amid weak sales growth.

Vodafone gained 1.1% on news that it had entered into a cable wholesale agreement in Germany with Spain's Telefonica.

Pharmaceutical company AstraZeneca advanced 1.2% after a trial of a leukaemia treatment demonstrated an improvement in the time patients live without disease progression.

Real estate agency Purplebricks slumped 5.7% after it announced the sudden departure of founder and chief executive Michael Bruce, while also announcing a strategic review of its US business and exit from the Australian market.

Specialist insurer Hiscox fell 0.8% as quarterly growth in its retail premium revenue was offset by a weaker reinsurance performance.

Flooring supplier Victoria firmed 3.7% on announcing that it expected to post another boost in margins in the current financial year.

Africa-focused fuel retailer Vivo Energy reversed 3.9% as its margins contracted in the first quarter, though sales volumes rose 7%.

Ingredient supplier Treatt shed 1.5% after it booked a 28% fall in first-half profit, owing to a loss on the sale of vegetable seed oil business Earthoil Plantations.

Brake disc manufacturer Surface Transforms tumbled 27% as it downgraded its sales guidance due to contract delays. Story provided by StockMarketWire.com
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