FTSE 100 Retreats On Trade Worries
(RTTNews) - U.K. stocks were moving lower on Thursday as U.S.-China trade worries resurfaced and Jeremy Corbyn prepared to unveil a manifesto to splurge tons of billions of kilos on nationalization and new council homes.
The benchmark FTSE 100 was down 52 points, or 0.71 percent, at 7,210 after declining 0.8 percent on Wednesday.
Royal Mail shares slumped as much as 17 percent. The provider of postal and delivery services warned that poor industrial relations were slowing its ability to change and that its turnaround scheme was behind schedule.
Chemicals company Johnson Matthey tumbled nearly 7 percent after its first-half profit fell, hit by one-off costs associated with additional freight costs and problems in its Clean Air division.
Direct Line Insurance Group jumped more than 6 percent after it laid out a plan to cut expenses and bolster digital presence.
Investec, an international specialist bank and asset manager, fell over 2 percent after reporting a drop in profit before tax for the first half.
Severn Trent shares declined more than 2 percent. The water and waste water company reported that its first-half profit before tax declined to 180.7 million pounds from last year's 203.6 million pounds.
William Hill, an online betting and gambling company, advanced 0.8 percent after its net revenue for the 17 weeks to October 29 rose 1 percent.
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