UK stocks open lower after Trump tariff pledge

Tue, 3rd Dec 2019

UK stocks opened lower on Tuesday after Donald Trump said the US would raise tariffs on steel and aluminium imports from Brazil and Argentina. At 0850, the benchmark FTSE 100 index was down 28.82 points, or 0.4%, at 7.257.12. The US president has also threatened to slap levies on imports of French products, including champagne and cheese. Cinema chain Cineworld gained 5.6% to 217.4p, even as it warned that trading for the full year would be slightly below its expectations due to a weaker box office. The company, however, also said that integration benefits from recently-acquire US unit Regal were greater than anticipated, with estimated run-rate cost savings increased from to $190m from $150m. Plumbing and heating products distributor Ferguson fell 0.7% to £66.14, as it reported a 4.7% rise in underlying trading profit in the first quarter of its financial year amid 2.5% growth in revenue. Online fashion retailer Boohoo added 3.2% to 309.2p on announcing a 'record' performance across the Black Friday weekend. Optical components and systems maker Gooch & Housego dropped 3.4% as a downturn in demand for critical components in China amid the US-Sino trade war dented its profits. Pharmaceutical company AstraZeneca fell 0.7% to £73.72, having agreed to sell the commercial rights to its schizophrenia and bipolar disorder drugs in the US and Canada to Cheplapharm Arzneimittel for up to $41m. Pawn broker Ramsdens firmed 3.5% to 207p as it reported a 23% rise in first-half profit, driven by increased jewellery sales and foreign exchange income. Low-cost carrier Wizz Air rose 1.1% to £39.95 after it flew 24% more passengers in the month of November on-year, as it added new routes to Georgia, Hungary, Lithuania, Poland and Ukraine. Fitness club company The Gym Group edged 0.1% higher to 265.73p on announcing that it expected to open five-to-eight new smaller format outlets during 2020. Computing products manufacturer Solid State gained 8.1% to 510p after it hiked its dividend 25% while posting a much improved first-half profit. Software company Oxford Metrics added 1.5% to 89.85p as it posted a 1.9% rise in annual profit, driven by higher sales at motion capture system unit Vicom. Story provided by

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