FTSE 100 stocks are being sold in the main this morning, sending the index down about 22 points to 4,823 on fears UK consumer spending is weakening further and European chip makers are not growing as well as expected.
Kingfisher, which owns the B&Q brand, is down 14.25p to 265.75p after warning sales will be flat in the quarter ending in April.
Dixons is down 5p to 140p after announcing a shift in focus with plans to open many new stores across the Continent in order to keep its growth on track. Cooling consumer spending in the UK and increased competition have helped push shares down.
GUS, which owns Argos, is down 21p to 850p, also on consumer spending fears. Gilt rates in London have hit new lows today as the fixed income market bets the Bank of England has hit the end of the current interest rate cycle, partly on the back of suggestions business investment is slowing along with falling High Street sales.
Marks & Spencer has dropped 7.25p to 345.5p.
The mining sector has dropped today. Rio Tinto is down 23p to 1,615p.
Xstrata is down 13p to 928p, and BHP Billiton is off by 9p to 657.5p.
Investors have turned toward some defensive stocks instead, particularly pharmaceuticals.
GlaxoSmithKline is up 11p to 1,243p, while AstraZenica has gained 9p to 2,304p.
Legal & General is up 1p to 108.25p after announcing a 43% rise in first quarter new business sales, which hit £307m worldwide in the period.IFAonline
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