UK stocks open 0.1% lower as key Brexit votes loom
Source - SMW
UK stocks opened slightly lower on Tuesday as a summit between Donald Trump and Kim Jong Un didn't produce any surprises and investors braced for a weak of crucial votes on Brexit.
At 0856, the benchmark FTSE 100 index was down 6.36 point, or 0.1%, at 7.731.07.
Fashion retailer Ted Baker fell 3.0% after severe winter storms earlier in the year slowed revenue growth at the fashion house to 4.2%.
House builder Crest Nicholson slumped 5.4% as rising costs weighed on profits.
Vehicle retailer Motorpoint Group posted a large rise in annual profit as it opened new physical sites and grew its online offering. The market, however, was expecting more and its shares fell 3.5%.
Among large-cap players, Rio Tinto said it had appointed former AP Moller-Maersk bean counter Jakob Stausholm as its new chief financial officer to succeed Chris Lynch. The miner's shares fell 0.3%.
British American Tobacco said trading was in line with expectations but warned a strong pound would pressure earnings. Its shares rose 0.6%.
AstraZeneca said it would end clinical trials of an Alzheimer drug being developed with Eli Lilly after an independent data monitoring committee concluded the trials were unlikely to meet their primary objects. AstraZeneca shares fell 0.3%.
Elsewhere, Workspace Group said it had been granted planning consent for a refurbishment of an office building in London and for additional space at another building in the English capital. The shares shed 0.3%.
Gift voucher issuer Park Group posted a 4.1% rise in annual profit as it increased in billings in both its corporate and consumer businesses. Its shares added 0.3%.
Specialist engineering group Pressure Technologies said first-half losses almost doubled after contact delays in its alternative energy division sapped revenue. Its shares rose 0.6%.