Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up

FTSE opens 0.3% lower amid trade tensions, Hong Kong unrest

Wed, 13th Nov 2019

UK stocks opened lower on Wednesday amid ongoing jitters about US-China trade relations and political unrest in Hong Kong. At 0853, the benchmark FTSE 100 index was down 23.74 points, or 0.3%, at 7.341.70. Tullow Oil tumbled 21% to 161.7p as the oil producer downgraded its annual production guidance owing to a disappointing performance from wells in Ghana. The company also warned the hit to output would impact on its free cash flow for the year, undermining efforts to trim its debt pile. Consumer goods group Unilever gained 0.4% to £46.155 after chairman Marijn Dekkers stood down having only been in the role since April 2016. Dekkers had chosen to leave to focus on his role as founder and chairman of investment group Novalis LifeSciences, Unilever said. He was replaced by current director Nils Andersen. Coca-Cola HBC, a bottler for the Coca-Cola company, fizzed 3.6% higher to £24.43, as it reported a rise in revenue despite poor weather keeping a lid on volume growth in the third quarter. House builder Taylor Wimpey ploughed 0.1% ahead to 170.16p on reporting that its sales rates and order book had grown in the year to date, as the UK housing market remained resilient despite political and economic uncertainty. Pub chain J D Wetherspoon fell 0.8% to £15.13, even as it reported a rise in like-for-like for sales in the first quarter and said it continued to perform as expected for the full year. Engineering company Smiths added 0.3% to £16.23 as its underlying revenue from continuing operations rose 11% in the first quarter. The company also said its expectations for the full year were unchanged. Fluid path and thermal equipment company Spirax-Sarco Engineering eased back 0.1% to £82.034, having announced that its operating profit had risen in the year to date, despite sales growth slowing due to subdued economic conditions. Property developer British Land shed 1.7% to 565.2p on the back of lower first-half profits hurt by weakness in retail markets. Luxury handbag maker Mulberry fell 6.6% to 261.65p after it reported a deeper first-half loss owing to sales slipping at its UK business. Eastern Europe focused budget carrier Wizz Air descended 3.1% to £37.52, despite posted a 91% jump in first-half profit and upwardly narrowing its annual profit forecast. Office space provider Workspace gained 0.3% to £10.91, even as it booked a 3% fall in first-half profit, owing to an absence of asset disposal proceeds. Rental income, however, rose and the company lifted its dividend by 10%. Industrial chains supplier Renold booked a fall in first-half profit, citing a more challenging economic backdrop. Story provided by StockMarketWire.com

FTSE 100 Latest
Value7,217.40
Change79.55