UK stocks tumbled again and plunged the FTSE 100 down towards the 4400 market as investors became ne...
UK stocks tumbled again and plunged the FTSE 100 down towards the 4400 market as investors became nervous again about the pricing of companies in the US and UK.
The FTSE 100 lost 2.4% to 4438.4, but had managed to rebound from a fall of 2.7%. Vodafone, GlaxoSmithKline and Royal Bank of Scotland Group accounted for about a third of the slide, but the main concern seemed to be US news that the US economy expanded at a slower rate than hoped in June.
Vodafone shed 4.75p or 5.8% to 81p after the FT reported it was planning to spend £9bn on buying another European mobile phone unit.
The following stocks are making significant gains or losses in U.K. markets today. Stock symbols are in parentheses after the company names.
Aviva, the rebranded CGNU, also tumbled for a second day 47.5p or 9.6% to 447.5p and its lowest since January 95,m as there is concern slumping equity markets will erode the insurer's capital, used to pay customers and back new business.
Bookham Technology, the internet and data traffic firm which has suffered in recent months, gained 3p or 4.4% to 72p after announcing it will close two factories to trim costs and cut spending by £12m.
British Sky Broadcasting also lost 48.5p or 7.7% to 579p after declaring it may be interested in bidding for Groupe Canal Plus, Europe's biggest pay-TV business owned by Vivendi Universal, if it's put up for sale.
Man Group saw its share price climb 67p or 6.6% to 1,086p, leading gains on the FTSE 100 as there is optimism it's attracting more money to its hedge funds as equity markets slump.
But UK Coal fell 5.5p or 5.6% to 92p as Fording Inc., the world's second-biggest exporter of coal used by steelmakers, cut its sales volume forecast for this year by 5%. The shares had managed to gain 5% this year on expectations the unprofitable company will break even.
Things are pretty similar in the US, thanks to an industry report, as investors backed away from service companies and Advanced Micro Devices revealed sales of its computer chips failed to meet a forecast it made two weeks ago.
The S&P 500 has so far fallen 13.25 points or 1.4% to 934.64, led by General Electric and Microsoft, the world's two largest companies while the Dow Jones Industrial Average declined 108.13 points or 1.2%, to 8899.97. The Nasdaq dropped 20.54 points or 1.5% to 1337.23.
Advanced Micro fell 69 cents to $8.11 as Intel Corp.'s biggest rival in making chips for personal computers said second-quarter revenue was about $600 million, down from $700 million forecast on June 18.
Cisco Systems subsequently fell 16 cents to $12.40 and Dell Computer, the world's No. 2 PC maker, fell 31 cents to $24.23.
General Electric, whose GE Capital unit is the largest non- bank financial company, dropped 90 cents to $27.20 while Citigroup fell 66 cents to $36.78.
‘Most significant’ upgrade since launch
Changes happening over coming months
Had accepted British Steel business
Aimed at HNW clients and family groups
Set for 1 April 2019