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Calm descends on FTSE after sell-off in US and Asia

By BFN News | 11:48 AM | Friday 09 February, 2018


The FTSE 100 was down only 0.7% at 7,118 despite a sell-off in Asia and the US overnight. Utility companies continued to drag on the UK blue-chip index with United Utilities (UU.) falling 1.8% to 698.4p and British Gas owner Centrica (CNA) dimming 1.6% at 125.2p. Brent crude oil dipped 0.7% to $64.33 per barrel. OVERSEAS MARKETS Wall Street struggled as the Dow Jones plummeted by more than 1,000 points overnight as the correction continued. The poor performance helped topple Asian equities with China's SSE Composite taking the biggest hit of 4% to 3,129 this morning. MID AND LARGE CAP RISERS AND FALLERS West End property investor Shaftesbury (SHB) continued to experience high football and robust trading since October, but this failed to move the shares much at 945p. SMALL CAP RISERS AND FALLERS Business travel business Hogg Robinson (HRG) catapulted 48.7% to 116p following a takeover offer from American Express Global Travel for 120p per share. Hogg Robinson also reported it will sell its payment tech division Fraedom to Visa for £141.8m. Property portal OnTheMarket (OTMP) had an underwhelming debut on AIM due to concerns of competitive threats. Its shares slumped 9.6% from its 165p issue price to 149p. Trinity Mirror (TNI) was hot off the presses after sealing a £126.7m deal to acquire the Express and Star newspapers and revealing it was 'marginally ahead' of expectations. The shares gained 7.4% to 75p. A £2m share placing for oil and gas firm Angus Energy (ANGS) impacted its share price, down 20.5% at 6.5p. The company said the funds will put towards the the acquisition of a 25% interest in the Balcombe licence. Immunotherapies developer Scancell (SCLP) said the European Patent Office had announced its intention to grant its application for a European patent on its Moditope immunotherapy platform. The shares rallied 10.4% to 13.5p. Story provided by StockMarketWire.com

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