FTSE 100 Dips In Cautious Trade; Next Shares Up Over 5%
(RTTNews.com) - U.K. stocks fell on Thursday as political instability in Washington and Apple's profit warning, citing a weakening economy in China and lower-than-expected iPhone revenue, added to investor concerns over slowing global growth.
A strong trading update by retailer Next helped limit overall losses to some extent.
The benchmark FTSE 100 was down 9 points or 0.13 percent at 6,725 in opening deals after rising 0.1 percent the previous day.
Resource stocks fell broadly, with miners Anglo American, Antofagasta and Glencore losing 1-2 percent.
Oil & gas exploration company Tullow Oil dropped 2 percent as oil prices declined on concerns over a surge in supply.
Fashion retailer Next jumped 5.2 percent. The company cut its full year profit guidance, but posted strong sales in the three weeks prior to Christmas.
Acacia Mining shares advanced 1.3 percent. The new Barrick Gold Corp is considering options for its stake in the company including possible sale, CEO Mark Bristow reportedly said.
Ryanair Holdings gained 0.7 percent after its passenger traffic increased 12 percent in December from a year ago.
Industrial equipment rental company Ashtead Group rose 0.8 percent. The company has extended the maturity of its senior credit facility to December 2023 and increased it to $4.1 billion.
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