LONDON MARKETS: FTSE 100 Weighed By Disappointing Results
07 März 2019 - 03:39PM
Dow Jones News
By Emily Horton
Barclays, Schroders among the big moving stocks
London's markets slipped Thursday, after disappointing results
from Schroders PLC and Aviva PLC.
How are markets performing?
U.K.'s FTSE 100 trimmed earlier losses, but was down 0.3% to
7,177.18, after finishing up 0.2% on Wednesday.
The pound was down $1.3119 from $1.3169 late in New York on
Wednesday evening.
What's driving the markets?
Rio Tinto PLC, Evraz PLC (EVR.LN) and Persimmon PLC(PSN.LN)
traded ex-dividend on Thursday, leading to opening losses for those
stocks, which pared as the session went on.
French bank Société Générale took a scalpel to the mining
sector, downgrading both Rio Tinto PLC (RIO.LN) and BHP
PLC(BHP.LN). Investment bank UBS also downgraded Rio Tinto PLC to
'neutral', saying they expect the spot iron ore price to fall over
the next 6 months. Rio shares bounced back to gain 0.3% after early
losses.
Following a retreat in Asian and U.S. markets on concerns that
global growth might be slowing, London pulled back as hopes for an
imminent trade deal between the U.S. and China recede.
What stocks are active?
Heavyweights Barclays PLC (BCS) (BCS) slid 1%, while Legal &
General Group PLC (LGEN.LN) lost 1.6%, both weighing on the
index.
Schroders PLC (SDR.LN) reported a dip in profits
(https://www.fnlondon.com/articles/bny-mellon-halts-decision-to-ban-staff-from-working-at-home-20190307)
on Thursday, resulting in a 5% drop in its share price. Meanwhile,
Aviva PLC (AV.LN) lost 3.7% after management warned lower fee
income may weigh on operating profit growth in 2019, despite
reporting a rise in 2018 operating profits
(http://www.marketwatch.com/story/aviva-operating-profit-rises-2-in-2018-2019-03-07).
In health care, NMC Health PLC (NMC.LN) lost 6% after the chain
reported results slightly below expectation
(http://www.marketwatch.com/story/nmc-health-profit-rises-backs-2019-outlook-2019-03-07),
citing wider macro challenges in a number of its business, and said
these are expected to spill over into 2019.
Melrose Industries PLC (MRO.LN) announced its first steps
towards breaking up engineering company GNK, after its hostile take
over in 2018. This led to a 5% rise in share price, despite the
FTSE 100 company announcing deepened losses after the
acquisition.
(END) Dow Jones Newswires
March 07, 2019 09:24 ET (14:24 GMT)
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