FTSE falls as trade tensions linger and Thomas Cook collapses

Mon, 23rd Sep 2019

UK stocks traded lower on Monday following the release of weak French and German manufacturing data, while concerns lingered over the state of US-China trade relations. At 11.30, the benchmark FTSE 100 index was down 47.3 points, or 0.64%, at 7,297.59. LARGE AND MID CAP RISERS AND FALLERS Struggling travel company Thomas Cook went into liquidation on Monday morning and said thousands of customers abroad would have to be repatriated. It shares remained suspended from trading at 3.45p. Another big player in the field, TUI, climbed 7.5% to 903.2p, as investors welcomed the removal of its arch-rival from the market. Clothing and food retailer Marks & Spencer fell 4.3% to 187.4p on announcing that chief financial officer Humphrey Singer had decided to stand down, at a date that had yet to be determined. Sports Direct edged back 0.2% to 279p after it confirmed that it had approached small-sided football group Goals Soccer Centres with a possible offer of 5p per share. The sportswear retailer already owns about 18.9% of Goals, which is currently suspended from trading after the discovery of accounting errors in its books. Pharmaceuticals company AstraZeneca climbed 0.6% to £72.12 after a diabetes treatment was recommended for marketing authorisation in the EU. SMALL CAP RISERS AND FALLERS Light commercial vehicle hire company Northgate rose 6.3% to 321.5p on announcing that it had launched a strategic review under recently-appointed chairman Avril Palmer-Baunack. The company also said that it was trading in line with expectations, but added that it remained cautious on its outlook, given Brexit-related uncertainty in the UK. Thomas Cook's smaller competitor On the Beach added 6.4% to trade at 404.2p, even as it announced that it would take a one-off charge related to the travel agent's collapse. People-screening technology provider Thruvision ticked up 2.6% to 27.6p as it won a $3m contract from US Customs and Border Protection. Online womenswear lifestyle brand Sosandar skipped 7% higher to 17.25p on a short trading update reassuring the market that the momentum in the business continues. Story provided by StockMarketWire.com

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