UK stocks open 0.1% lower as Chinese economy slows
Source - SMW
UK stocks opened modestly lower on Friday after China released disappointing economic growth figures and investors braced for a tight parliamentary vote on Saturday over Boris Johnson's Brexit deal with the EU.
China's gross domestic product grew by 6% in the third quarter, the weakest quarterly rate since 1992.
At 0849, the benchmark FTSE 100 index was down 6.51 points, or 0.1%, at 7.175.81.
Hotel giant InterContinental Hotels fell 1.7% to 4,654.5p after its revenue per available room fell 0.8% in the third quarter amid tougher trading conditions in the US and China.
Smaller rival Elegant Hotels jumped 55% to 108.5p on news that it had received a $130m takeover bid from Marriott International, pitched at 110p per Elegant share.
London Stock Exchange rose 1.9% to 7,176p on the back of a 12% improvement in third-quarter income led by its information services and clearing businesses.
Cybersecurity company Avast firmed 4.7% to 386.8p as it grew its adjusted revenue by 5% in the third quarter.
Logistics company Wincanton fell 1.7% to 230p after it announced that it was undertaking a diligence exercise on Eddie Stobart to assess the potential merits of a takeover of its rival. Edddie Stobart shares were suspended from trading.
Animal pharmaceuticals company Dechra Pharmaceuticals shed 1.2% to 2,644p after it said that it was still resolving previous supply issues, though many had been mitigated.
Berlin residential property specialist Phoenix Spree Deutschland rose 3.4% to 322.5p on announcing that it would commence a buyback of its shares, having accelerated sales of condominiums. At 8:58am:
(LON:AVST) Avast Plc share price was +20.9p at 390.3p
(LON:EHG) Elegant Hotels Group Plc share price was +39p at 109p
(LON:IHG) InterContinental Hotels Group PLC share price was -91p at 4646p
(LON:LSE) London Stock Exchange Group PLC share price was +177p at 7221p
(LON:WIN) Wincanton PLC share price was -1.5p at 232.5p