FTSE falls on Trump's mixed trade signals

Fri, 8th Nov 2019

UK stocks closed lower on Friday as comments from Donald Trump unsettled the markets, the President saying he hasn't agreed to roll back tariffs, as China claimed on Thursday, and claiming that Beijing wants a trade deal 'much more' than he does. At 16.35, the benchmark FTSE 100 index was down 0.63% at 7,359.38 points. LARGE AND MID CAP RISERS AND FALLERS British-airways owner International Consolidated Airlines descended 3p to 541.6p after it trimmed its medium-term earnings guidance for the three years from 2020 to 2022 amid a planned reduction in flying capacity. Asia-focused bank Standard Chartered cheapened 6.8p to 726.8p on announcing that it had reduced pension payments to chief executive Bill Winters and chief financial officer Andy Halford, following a large shareholder vote against its remuneration policies. Delivery company Royal Mail reversed 2% to 218.6p as it made an application to Britain's high court in an attempt to block planned strikes by its workers. Insurance company Beazley gained 6.9% to trade at 576p on the back of 12% premium revenue growth in the nine months through September, amid a difficult claims environment marked by increased hurricane activity. Miniature war games manufacturer Games Workshop jumped 18.8% to £53.55 after it guided for a rise in first-half profit driven by a boost in royalty income. Specialist product manufacturer Morgan Advanced Materials improved 2.8% to 268.2p on reporting that its underlying sales and operating margins had moved up slightly in the first nine months of the year. Telecom technology company Spirent Communications added 3.2% to trade at 207.5p, despite news it expects to incur a one off $4m cost associated with hiring new managers and developing its sales and marketing capabilities. In a third-quarter trading update, Spirent also said it had experienced some order delays at its lifecycle service assurance division. SMALL CAP RISERS AND FALLERS Insurance sector services and technology solutions provider Charles Taylor rallied 10.7% to 352p after the company secured a better takeover offer from its proposed buyers. The company had agreed a 315p per share cash deal but negotiations since have convinced buyer Lovell Minnick of 345p per share. Alfa Financial Software firmed 6.8% to 89.2p after announcing a new contract win with the asset finance subsidiary of a UK challenger bank. Target Healthcare rose 0.2p to 115p on announcing that it had agreed to acquire eight care homes and 31 retirement apartments, in four separate deals, for a combined £81.3m including transaction costs. Fintech group TruFin sparked up 5.4% to 49p despite reporting a third quarter operating loss, as investors focused on a 73% revenue rise 73% over the period. Story provided by StockMarketWire.com

FTSE 100 Latest
Value7,302.94
Change10.18