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10 Sep 2019 | 09:10

UK stocks open 0.1% lower following weak China data

UK stocks opened modestly lower on Tuesday after weak Chinese producer price data sparked a fall on Asian exchanges.

The pound, meanwhile, remained volatile after Boris Johnson failed to win his bid for an early election ahead of parliament being prorogued on Monday night.

At 0900, the benchmark FTSE 100 index was down 8.74 points, or 0.1%, at 7.227.07.

JD Sports jumped 6.7% to 675p after its first-half operating profits rose and it forecast a full-year performance at the top end of its guidance range, notwithstanding adjustments for new accounting standards.

Like-for-like sales in the sportswear retailer's UK and Ireland operations rose by more than 10%. They climbed 5% at its relatively new US business.

Bovis Homes fell 5.4% to 1001.5p after it announced that it was mulling a bid for Galliford Try's housing business. Galliford Try jumped 15% to 705.14p.

Equipment hire company Ashtead fell 1.6% to 2250p, even as it booked a rise in first-quarter profit and touted further stock buybacks.

Cairn Energy gained 6.1% to 188.14p as it swung to a first-half profit and upgraded its annual production guidance.

Online gambling operator 888 sank 7.1% to 156.76p on reporting a sharp fall in profit, pinned on higher costs and lower poker and business-to-business revenue.

Trust and fund administration service provider Sanne was flat at 572p, as it booked a 50% fall in first-half profit, owing to one-off expenses and a contraction in margins.

Disease and allergy test-kit supplier Omega Diagnostics rallied 5.8% to 11..9p, on announcing that it had received a second purchase order from a new partner in China.

Recycling company Renewi gained 1.0% to 30.96p after it agreed to sell its Reym industrial cleaning business to the Rremondis for €64m (£57m) including debt.

Video games developer Team17 fell 0.6% to 300.3p, even as it almost doubled its revenue thanks to new games releases, including 'Genesis Alpha One' and 'My Time at Portia'.

The company, however, also said its release scheduled meant revenue would be weighted to the first half.

Story provided by StockMarketWire.com
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