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Position in Universe th / 1807

FTSE 100 falls on pound's strength, Fresnillo's weakness

Tue 26th February, 2019 8:46am
(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
    * FTSE 100 down 1.1 pct
    * FTSE 250 down 0.1 pct
    * Fresnillo falls after profit slump
    * Stronger pound hits dollar earners

    Feb 26 (Reuters) - Britain's main stock index fell sharply
on Tuesday as Fresnillo shares tumbled after its profit slumped
and as sterling gained on reports of a possible delay to Brexit.
    The FTSE 100  .FTSE  was down 1.1 percent to its lowest in
more than two weeks, underperforming its European peers. The
FTSE 250  .FTMC  was down 0.1 percent by 0825 GMT.
    Precious-metals miner Fresnillo  FRES.L  slid 10.6 percent
to the bottom of the main index. Pretax profit for the year
slumped by more than a third and it flagged an "unwelcome degree
of uncertainty" from the China-U.S. trade dispute.  urn:newsml:reuters.com:*:nL3N20L307
    The pound gained on reports that UK Prime Minister Theresa
May would formally rule out a no-deal Brexit and delay the March
29 deadline for UK's exit from the European Union.  urn:newsml:reuters.com:*:nL5N20L1CF
    That hit stocks that book much of their earnings in dollars,
but it capped losses in the more domestically focussed mid-cap
index. British American Tobacco  BATS.L  led the fallers and
gave up 2.3 percent.
    British Airways owner IAG  ICAG.L  slipped 3.3 percent after
reports that it would no longer be part of MSCI global standard
indexes.
    Standard Chartered  STAN.L  fell 2.5 percent after it
reported 2018 results and said it would cut costs and quit
smaller businesses as part of a new strategy.  urn:newsml:reuters.com:*:nL3N20L1X4
    "We continue to believe that the revenue target is a
challenge, particularly given commentary that YTD 2019 revenue
has started down on 2018," Jefferies analysts said.
    Travis Perkins  TPK.L  surged 11 percent after its full-year
adjusted pretax profit beat expectations.  urn:newsml:reuters.com:*:nL3N20L2YQ
    Speciality chemicals maker Croda  CRDA.L  fell nearly 4
percent after its annual pretax profit missed estimates and it
said it was stockpiling goods ahead of Brexit.  urn:newsml:reuters.com:*:nL3N20L2VP
    Mid-cap engineering company Meggitt  MGGT.L  gave up 6
percent after a weak organic revenue growth forecast.
    Babcock  BAB.L  skidded 4.2 percent after it said
restructuring its European business for Brexit would 10 million
pounds ($13 million) a year.  urn:newsml:reuters.com:*:nL5N20L1MO

 (Reporting by Shashwat Awasthi and Muvija M in Bengaluru,
editing by Larry King)
 ((Shashwat.Awasthi@thomsonreuters.com; within U.S.+1 646 223
3403; outside U.S. +91 80 6749 3403; Reuters Messaging:
shashwat.awasthi.thomsonreuters.com@reuters.net))
 
(( 
For related prices, Reuters users may click on - * 
 UK stock report      .L     
 FTSE index:          0#.FTS6  
 techMARK 100 index:  .FTT1X          FTSE futures:      0#FFI:  
 Gilt futures:        0#FLG:          Smallcap index:     .FTSC  
 FTSE 250 index:      .FTMC           FTSE 350 index:     .FTLC  
 Market digest:       .AD.L           Top 10 by vol:      .AV.L  
 Top price gainers:   .NG.L           Top % gainers:      .PG.L  
 Top price losers:    .NL.L           Top % losers:       .PL.L  
 
 
 * For related news, click on - *
 UK hot stocks:      [HOT and GB]     Wall Street:           .N 
 Gilts report:        GB/             Euro bond report  GVD/EUR 
 Pan European stock report:  .EU 
 Tokyo stocks:        .T              HK stocks:            .HK 
 Sterling report:     GBP/            Dollar report:       USD/ 
 
 
 * For company prices, click on - *
 Company directory:   UKEQ           By sector:           FTAX  
 
 
 * For pan-European market data, click on - *
 European Equities speed guide................  EUR/EQUITY  
 FTSE Eurotop 300 index...........................  .FTEU3  
 DJ STOXX index...................................  .STOXX  
 Top 10 STOXX sectors........................  .PGL.STOXXS  
 Top 10 EUROSTOXX sectors...................  .PGL.STOXXES  
 Top 10 Eurotop 300 sectors..................  .PGL.FTEU3S  
 Top 25 European pct gainers....................  .PG.PEUR  
 Top 25 European pct losers.....................  .PL.PEUR ))
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