Market report

Miners hit by China downgrade, Quiz falls on alert


City-of-London

The FTSE 100 dropped 23.12 points or 0.31% to 7489.84 after another poor session for miners as China’s credit outlook was slashed amid concerns over rising debts.

Credit rating agency Moody’s cut its outlook for China to negative, warning that the country faces rising debts and lower economic growth in the medium term.

Endeavour Mining, Fresnillo, Anglo American and Antofagasta were among the biggest fallers, while industrial equipment rental company Ashtead was another casualty after slashing it full-year profit and revenue forecasts.

Barclays fell after it emerged that one of its largest shareholders, Qatar Holding, is reducing its stake. Qatar, which injected funds in the bank in 2008, is selling 361.7 million shares at 141p each, which will see its stake in the bank fall to just under 3%.

The risers were led by BT, up 3.29%, and insurer Beazley, up 2.35%.

Marston’s said Christmas bookings are well ahead of last year as in unveiled a jump in full-year sales.  

The pub operator said in the year ended 30 September 2023 total revenue climbed 9.1% to £872.3m from £799.6m the year before although it was not enough to prevent a pre-tax loss of £20.7m compared to profit of £163.4m before.  Shares closed 1.20p (3.88%) lower at 30p.

Shares in Glasgow-based fashion retailer Quiz fell 0.95p or 13.62% to 6p after it downgraded its outlook and said its chairman was undertaking a ‘review of options’.

Cloud computing firm Iomart, also based in Glasgow, saw its shares up 3p (1.95%) to 156p after it unveiled the acquisition of a London firm and said revenue in the first half rose strongly.

Other European stock markets were lifted by reports that the ECB has done with interest rate rises. Germany’s Dax jumped 0.78% and France’s Cac 40 gained 0.74% at close.



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