UK stocks cheapen as US-China trade hopes fade

11:40 08/11/2019
StockMarketWire.com - UK stocks traded lower on Friday as US-China trade deal optimism began to fade and airline owner International Consolidated Airlines cut its earnings forecasts.

At 11.30, the benchmark FTSE 100 index was down 14.4 points, or 0.2%, at 7,392.

LARGE AND MID CAP RISERS AND FALLERS

British-airways owner International Consolidated Airlines descended 0.8p to 543.8p 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 was flat at 733.6p 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 0.14% to 222.7p as it made an application to Britain's high court in an attempt to block planned strikes by its workers.

Insurance company Beazley gained 8.8% to trade at 586.5p 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 15.6% to £52.10 after it guided for a rise in first-half profit driven by a boost in royalty income.

Specialist product manufacturer Morgan Advanced Materials improved 2p to 263p 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 1.5p to trade at 202.5p, 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

Target Healthcare rose 0.5% to 115.4p 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 2.5p 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

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