Steady pound, growth worries pressure FTSE 100; Galliford jumps

Credit: REUTERS/PETER NICHOLLS

For a live blog on European stocks, type LIVE/ in an Eikon news window

FTSE 100 down 0.4%, FTSE 250 flat

Galliford climbs after deal talks

Strong pound drags exporter stocks

Sept 10 (Reuters) - UK blue-chip shares slipped on Tuesday, as a second set of disappointing data from China this week cemented fears of a slowdown in global economic growth, while gains in the pound amid fading no-deal Brexit worries hit multinational stocks.

The FTSE 100 index .FTSE dipped 0.4%, having suffered its worst day this month in the last session, with equipment rental giant Ashtead AHT.L falling 3% after in-line results.

The more domestically-focussed index of midcaps .FTMC was flat by 0705 GMT, supported by a 22% jump in Galliford Try GFRD.L after the construction company said it had restarted preliminary talks to sell its residential units to housebuilder Bovis Homes BVS.L.

Sterling was seen close to a six-week high it hit on Monday after parliament passed a bill blocking a no-deal Brexit, weighing on British American Tobacco BATS.L and Diageo DGE.L as strength in the local currency meant the value of their U.S. earnings would be lower.

(Reporting by Muvija M in Bengaluru; Editing by Bernard Orr)

((muvija.m@tr.com; within UK +44 20 7542 1810, outside UK +91 80 6749 3638;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.