🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

UPDATE 2-Britain's FTSE 250 stumbles as Brexit worries bite; Ocado shines

Published 07/09/2019, 11:58 PM
UPDATE 2-Britain's FTSE 250 stumbles as Brexit worries bite; Ocado shines
UK100
-
EZJ
-
BASFN
-
RHIM
-
TUI1n
-
TCGI
-
WEIR
-
VSVS
-
MRON
-
MCRO
-
BOY
-
FTMC
-
FTNMX552010
-
FTNMX551030
-
OCDO
-
ICAG
-
ISEQ
-

* FTSE 100 down 0.2%, FTSE 250 down 0.6%
* Brexit jitters drag sterling lower
* Miners slip as copper prices ease
* Ocado climbs after affirming forecast
* BASF profit alert hits industrials

(Adds news items, analyst comments, updates to closing prices)
By Shashwat Awasthi and Muvija M
July 9 (Reuters) - Britain's mid-cap index fell for the
third straight session on Tuesday amid a deteriorating economic
outlook and Brexit tensions, while online grocer Ocado jumped on
the FTSE 100 after confirmed its annual forecast.
The main index .FTSE fell 0.2% and the mid-cap FTSE 250
.FTMC shed 0.6%, as a hefty profit warning from German
chemicals giant BASF BASFn.DE rocked several industrial
companies.
Sterling fell towards its lowest levels in more than two
years, pressured by a cocktail of gloomy retail sales data and
lingering fears of a 'no-deal' Brexit. GBP/ Rupert Harrison, portfolio manager and head of research for
the diversified strategies team at BlackRock, said the outlook
had deteriorated over the past three months, while the chance of
an "extreme outcome" had risen compared with the probability of
a managed exit.
"We're relatively negative on the macro-economy. The
cumulative impact of the (Brexit) uncertainty... has definitely
had a negative impact on momentum," Harrison said.
Dublin's main index .ISEQ , generally sensitive to Brexit
jitters and often considered a gauge of risk sentiment, slipped
0.8%.
Shares of airlines and tourism companies took a hit from the
increasing uncertainty. TUI TUIT.L and easyJet EZJ.L fell
about 3%, British Airways owner IAG ICAG.L lost 1.6%, while
Thomas Cook TCG.L gave up 5.1%.
The FTSE 100 took a back seat to the domestic index, but was
led lower by losses in miners .FTNMX1770 , as copper prices
continued their recent slide on worries over waning demand from
top consumer China. However, Ocado OCDO.L surged 5.6% on its best day since
late February after it affirmed its annual forecast, even though
its first-half core earnings nearly halved, partly due to the
impact of a fire at its flagship robotic warehouse. A sub-index of chemical companies .FTNMX1350 slipped to a
more than six-month low and underperformed the broader index,
after BASF BASFn.DE warned on profit, citing impact from the
U.S.-China trade dispute.
Shares of Melrose MRON.L tumbled 4.1% on the main index,
while Bodycote BOY.L , Vesuvius VSVS.L and Weir Group
WEIR.L were among the top mid-cap losers.
Software firm Micro Focus MCRO.L declined 5.3% after a
higher-than-expected drop in first-half licence revenue.
RHI Magnesita RHIM.L , which sells products made with
heat-resistant materials, skidded 5.9% on the FTSE 250 after
announcing a placing of about 2.2 million shares.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.