Plus   Neg

FTSE 100 Drifts Lower On Trade Concerns

U.K. stocks drifted lower on Tuesday as the pound pushed higher and the wave of deal making in the gold industry reached the U.K.

Underlying sentiment remained cautious after the United States said it has initiated a process to assess increasing the tariff rates and subjecting additional European Union products to the tariffs.

The benchmark FTSE 100 was down 52 points, or 0.71 percent, at 7,234 after declining 0.8 percent on Monday.

Gold miner Centamin soared 7.7 percent after it became the object of a hostile takeover bid.

Canada's Endeavour today announced the terms of its proposal in order to allow Centamin shareholders the opportunity to consider the proposal and encourage the Centamin board to engage with Endeavour on the prospects for a friendly recommended merger.

Miners Anglo American, Antofagasta and Glencore were down 1-2 percent on worries that the U.S. could re-escalate trade tensions with China.

AstraZeneca declined 1 percent after the drug maker agreed to sell the commercial rights to Seroquel and Seroquel XR in the United States and Canada.

Budget airline Ryanair Holdings advanced 1.5 percent as it reported Group traffic of 11.00 million customers for November 2019, up 6 percent from the prior year.

Ferguson, a specialist distributor of plumbing and heating products, fell over 2 percent after saying it was on track to split off its U.K. business.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT