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02 Oct 2019 | 12:00

FTSE plunges on global recession worries

UK stocks fell to their lowest in over a month on Wednesday as a major manufacturing slowdown in the US left many investors resigned to a probable recession in the global economy.

While talk of Prime Minister Boris Johnson's 'take it or leave it' final Brexit offer has also added to the market's concerns.

At 1157, the benchmark FTSE 100 index dropped a huge 149.55 points, or 2.03%, to 7,210.77.

LARGE AND MID CAP RISERS AND FALLERS

Gambling company Flutter Entertainment, which used to be called Paddy Power Betfair, rallied over 17% to £89.50 after it announced a merger with Poker Stars-owner The Star Group.

Flutter shareholders would end up with 54.64% of the merged group, with The Star Group owning the rest.

Supermarket chain Tesco rose 0.6% to 241p, even as it announced the shock departure of chief executive David Lewis next summer.

Tesco also booked a better-than-expected rise in underlying first-half profit and said Lewis would be replaced by Walgreens Boots Alliance chief operating officer Ken Murphy.

Security and defence contractor QinetiQ jumped 5.7% to 308p on announcing that it had agreed to acquire advanced sensing solutions provider for warfare Manufacturing Techniques for up to $125m.

Builders merchanting group Grafton fell 1.3% to 762p as it completed the sale of plumbing unit Plumbase to Plumbing and Heating Investments for £66.8m, including debt.

Budget carrier Ryanair descended 2.2% to €10.54 as it posted 8% passenger growth during the month of September.

Rival low-cost airline Wizz Air shed 1.1% to £30.60 even as it carried 20% more passengers in September, having added new routes to Poland, Hungary and Romania.

Hochschild Mining dropped 3% to 197p on news that it had acquired a rare earth deposit in Chile.

SMALL CAP RISERS AND FALLERS

Flooring retailer Topps Tiles slipped 7.25% to 64p on warning that it expected to post a small fall in annual revenue, after a more challenging economic backdrop hurt sales in the fourth quarter.

Fuel cell technology developer Ceres Power gained 2.9% to 214p after it doubled full year revenue and managed to narrow its pre-tax losses, having announced major licensing deals and a commercial product launch.

Banknote authentication Spectra Systems gained 1% to 131p after it bagged a new five-year service contract for a G7 country's central bank with a minimum value of $0.4m.

Online wine retailer Naked Wines softened 2.6% to 247p as it sold its Lay & Wheeler and Vinotheque units to Coterie for £11.3m.

Story provided by StockMarketWire.com
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