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20 Jan 2020 | 08:56

UK stocks open 0.1% lower in thin trade; Fevertree tanks

UK stocks opened modestly lower on Monday amid thin trading on a US public holiday, with tonic water maker Fevertree Drinks tanking 20% on the back of disappointing trading update.

At 0843, the benchmark FTSE 100 index was down 10.19 points, or 0.1%, at 7.664.37.

Fevertree sank 20% to £15.865 as it warned on profits, after subdued Christmas trading in the UK limited its annual revenue growth to a disappointing 10%.

Defence company BAE Systems rose 2.8% to 642p, on announcing that it had agreed to acquire Collins Aerospace's global positioning system business for $1.93bn.

BAE also agreed to acquire Raytheon's airborne tactical radios business for $275m.

Mining company Anglo American edged back 0.1% to £22.425 as it had made a formal £404.9m takoever bid for Sirius Minerals, which was accepted by the British fertilizer hopeful's board.

Sirius Minerals rose 1.9% to the 5.5p bid price.

Mall operator Intu Properties slipped 7.8% to 21.07p after it revealed plans to conduct an equity raising.

Economic infrastructure financing specialist Sequoia Economic Infrastructure Fund fell 1.5% to 116.85p, as it too flagged a potential equity raise.

Online women's fashion retailer Sosandar reversed 0.5% to 28p, having warned that it would report a deeper-than-expected annual loss despite a jump in revenue, as it continued to invest in customer acquisition.

Waste-to-products group Renewi shed 1.1% to 36.23p after warning that it would record a €25.5m exceptional charge in its annual results, owing to a new Dutch tax and Brexit hurting a key contract in Holland.

Advertising company M&C Saatchi gained 5.4% to 127.51p on guiding for annual underlying profit in line with the downgraded guidance it delivered last month.

The company also said net cash would be least £15m, substantially ahead of expectations, owing to 'improved cash collection processes'.

Immunotherapy developer for cancer Scancell jumped 12% to 7p after it signed a collaboration and research agreement with a US-based, clinical-stage antibody company that it did not identify.

Cell-based therapies company MaxCyte rallied 10% to 133.82p on announcing that it was trading ahead of market expectations, as sales growth accelerated in the second half. At 8:56am:

(LON:AAL) Anglo American PLC share price was -8p at 2237.5p

(LON:BA.) BAE Systems Plc share price was +14.8p at 639.4p

(LON:FEVR) Fevertree Drinks Plc share price was -434p at 1561p

(LON:INTU) Intu Properties share price was -1.5p at 21.36p

(LON:SXX) Sirius Minerals PLC share price was +0.11p at 5.51p

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