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UK stocks open 0.5% lower as China growth concerns hurt miners

By BFN News | 08:42 AM | Friday 09 November, 2018


Mining plays led a fall in UK stocks at the open on Friday amid rising concerns about slowing growth in China. At 0838, the benchmark FTSE 100 index was down 38.67 points, or 0.5%, at 7.102.01. Antofagasta, BHP Billiton and Anglo American posted the biggest losses among blue-chip miners, falling 2.6%, 2.4% and 2.3%, respectively. Trade publisher and events company Informa climbed 2.7% as its revenue grew by nearly a third in the 10 months through October, keeping it on track to meet its full-year expectations. Ex-WPP boss Martin Sorrell's new advertising company S4 Capital jumped 4.8% after it confirmed media speculation that it was talking to the owners of several potential acquisition targets. Specialist product manufacturer Morgan Advanced Materials slipped 1.9%, even as its year-to-date sales improved and it maintained its full-year guidance. Online electronics retailer AO World slumped 3.7% on news it had paid £32.5m to acquire online phone seller Mobile Phones Direct. The company also revealed that second-quarter growth was hurt by a weaker white goods market in Germany, and added that growth would be more second half weighted than expected. Broadcast and photographic market services provider Vitec fell 0.8% after it said it had acquired film-making module supplier Amimon for $55.0m (£42.3m). Vitec also said it still expected 'material' growth in its annual earnings per share. Power cord and cable assembly supplier Volex gained 2.2% as it booked a 17% rise in first-half profit and tipped a full-year performance 'slightly' ahead of market expectations. Residential landlord Grainger agreed to forward fund and acquire a 108-home development in Tottenham Hale, North London, for about £41m. Its shares added 0.6%. HgCapital Trust rose 1.3% after it recorded flat net asset value per share growth in October, that still handily beat its benchmark. Schroder Income Growth Fund boosted its net asset value per share by 4.0% in the year through August, while increasing its dividend. Its shares gained 0.4%. Residential development finance supplier Urban Exposure fell 5.5% as it warned of 'significantly reduced short-term income' after it decided to write higher-quality loans. Story provided by StockMarketWire.com

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