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50GP - Croda International News Story

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UPDATE 1-FTSE 100 drops on pound's strength, Fresnillo's weakness

Tue 26th February, 2019 9:43am
* FTSE 100 down 1 pct
    * FTSE 250 up 0.1 pct
    * Fresnillo falls after profit slump
    * Stronger pound hits dollar earners
    * Travis Perkins jumps after results

 (Adds analyst comments, updates share prices)
    Feb 26 (Reuters) - Britain's main index fell sharply on
Tuesday after poor readings from Fresnillo, StanChart and Croda,
while exporter companies were marred by sterling gaining on
reports of a possible Brexit delay.
    The FTSE 100  .FTSE  dipped 1 percent by 0906 GMT to its
lowest in more than two weeks, underperforming its European
peers, but a stronger sterling supported the more
domestically-focussed FTSE 250  .FTMC .
    The pound hit a three-week high on reports that British
Prime Minister Theresa May would rule out a no-deal Brexit and
delay the March 29 deadline for UK's exit from the European
    That hit stocks that book much of their earnings in dollars
with HSBC  HSBA.L  and British American Tobacco  BATS.L   the
biggest drags.
    The midcaps shrugged off early losses to be up 0.1 percent,
led by a 10 percent surge in Travis Perkins  TPK.L  on
better-than-expected full-year adjusted earnings.*:nL3N20L2YQ
    "It's likely that the FTSE 250 has already priced in some of
the expected benefits you might get from a delayed Brexit or
even a no Brexit as well," said City Index analyst Ken Odeluga.
    "The idea that this (the Brexit situation) is still highly
uncertain should temper any gains."
    British Airways owner IAG  ICAG.L  slipped 3.6 percent after
reports that it would no longer be part of MSCI global standard
    Earnings drove some notable moves across the board.
    Precious-metals miner Fresnillo  FRES.L  slid 8 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.*:nL3N20L307
    Standard Chartered  STAN.L  was 1 percent lower after
earlier falling as much as 3 percent as it reported 2018 results
and said it would cut costs and quit smaller businesses as part
of a new strategy.*:nL3N20L1X4
    Speciality chemicals maker Croda  CRDA.L  fell 3.3 percent
after its annual pretax profit missed estimates and it said it
was stockpiling goods ahead of Brexit.*:nL3N20L2VP
    Housebuilders  .FTNMX3720  gained after five sessions of
losses with Persimmon  PSN.L  rising 2 percent following results
and CEO appointment.*:nL3N20L2OX
    The rise comes after the sector was hit in the last session
on reports of Persimmon coming under regulatory fire for its
practices under the "Help to Buy" scheme. 
    Building materials supplier Travis Perkins climbed to an
eight month high on the midcap index as its results were
    Babcock  BAB.L  skidded 6 percent after it said
restructuring its European business for Brexit would 10 million
pounds ($13 million) a year.*:nL5N20L1MO

 (Reporting by Shashwat Awasthi and Muvija M in Bengaluru
Editing by Robin Pomeroy)
 ((; within U.S.+1 646 223
3403; outside U.S. +91 80 6749 3403; Reuters Messaging:
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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