UK markets continue their losing run in a predictably quiet final trading session before the holiday. The FTSE 100 index loses around 40 points in a truncated Christmas Eve session that will close for the Christmas break at 1pm when the London Stock Exchange shuts down.
That leaves the blue-chip index at 6,681.07 as investors struggle to shake-off a multitude of concerns for the weeks and months ahead, with Brexit, global trade tensions, interest rates and business confidence all perceived reasons to be fearful. If the FTSE 100 is unable to reverse the early trade decline it will mark a new low for the UK‘s leading index in 2018.
The previous low for the year so far was 6,704.05 hit on the 5 December.
Last week all three leading US indexes closed down, with the technology-heavy Nasdaq down 20% since its peak, placing it in so-called ‘bear market’ territory.
NO AMORE FOR ITALY GAMING TAX AT PLAYTECH
There is a predictably deathly quiet when it comes to UK company news although online gaming technology supplier Playtech (PTEC) does its best to bring a sense of humbug to Christmas Eve trading after warning of a big hit to profits from new taxes in Italy.
Shares in the company crash close on 10% to 362.8p after revealing a €20m to €25m impact on its earnings before interest, tax, depreciation and amortisation (EBITDA) from incoming gambling taxes after getting voted through the Senate on Sunday.
The legislation is expected to receive final approvals, including from the Chamber of Deputies, before the end of 2018, Playtech said.
Elsewhere, mining group Anglo American (AAL) slips 1.6% lower to £17.238 despite upping 2019 guidance for its Minas-Rio iron ore operation in Brazil. That rethink comes after getting regulatory approval relating to the Step 3 licence area.
The mining giant said it now expected production to be 18m to 20m tonnes instead of the previous 16m to 19m range.
EUROPEANS GIVE COSTA/COKE DEAL OK
Going the other way is Whitbread (WTB), up 1% at £45.06 after confirming late on Friday that the EU had cleared its sale of the Costa coffee chain to Coca-Cola. The company, which also owns hotels chain Premier Inn, also unveiled a £500m share buyback plan.
Find out what else is moving on the UK stock market today by clicking through to our biggest risers and fallers pages here.
