London close: Stocks finish in the red, World Bank forecast drags
- World Bank cuts China growth forecast
- UK consumer confidence slides
- German industrial output grows
techMARK 2,730.09 -1.46%
FTSE 100 6,622.84 -1.09%
FTSE 250 16,262.84 -1.04%
UK stocks kicked off the week in a negative fashion, weighed by a poor performance in other markets across the globe and maintained by less than impressive data.
The FTSE 100 ended the session down 72.71 points at 6,622.84.
Providing a notable drag, the World Bank has cut its 2013 forecast for Chinese growth to 7.6% from a previously estimated 7.7%.
The bank cited a “bumpy start to the year” following the release of weak economic data, but said it expects recent reforms in China may boost sustainable growth in the long term.
In the latest out from Eastern Europe, a Ukraine naval officer has been shot dead by a Russian solider in eastern Crimea, according to Ukraine’s defence ministry.
UK consumer spending hits 14-month low
UK consumer spending slumped to a 14-month low in March as wages failed to keep pace with the cost of living, according to a recent survey.
Spending rose just 1.1% during the month against March last year, below the rate of inflation for the first time in six months, data from credit card provider Barclaycard showed.
German industrial production beats forecasts
Looking across the Channel, German industrial production for February narrowly beat consensus forecasts, according to data published on Monday by Destatis.
Over the month, the industry output for the Eurozone's largest economy rose for the fourth consecutive month by 0.4%, up from the prior month's revised 0.7% gain and slightly ahead of the consensus estimate for a 0.3% increase.
Year-on-year, industrial production rose 4.8%, down from the previous revised reading of 4.9% growth the month before but slightly above analysts' expectations for an increase of 4.7%.
Tullow Oil climbs after unveiling refinancing deal
Tullow Oil has refinanced its $500m corporate revolving credit facility to boost its balance sheet. The oil and gas company has increased the facility to $750m and extended the tenor to April 2017.
Irish building materials group CRH was also making gains today following news that its two European rivals Lafarge and Holcim are to merge, creating a cement-making company with combined annual sales of €32bn.
Defensive stocks SSE and Centrica were both on the rise as the wider index fell nearly 1% in mid-afternoon trading.
Meanwhile, housebuilders Barratt Developments and Persimmon were both trading in the red after a report by HomeOwners' Alliance raised concerns with the rapid rise in house prices across the UK. The group said that more people now think house prices are a “very serious issue”.
MPs have demanded further explanations from Business Secretary Vince Cable after the National Audit Office (NAO) criticised the over-cautious approach of the government's privatisation of the Royal Mail, pushing the stock firmly lower. Cable has been recalled by the House of Commons Business Committee on April 29th to answer claims that he mis-priced the sale and allowed City traders to make considerable instant profits at the expense of taxpayers.
British department store chain Marks & Spencer (M&S) was also in the red ahead of what is expected to underwhelm with its latest trading update on Thursday. The FTSE 100 company is widely expected to post a decline of 1% in its clothing division in the first three months of the year, while sales within the Food division are forecast to be flat.
FTSE 100 - Risers
Centrica (CNA) 334.80p +1.92%
BG Group (BG.) 1,141.50p +0.48%
SSE (SSE) 1,482.00p +0.47%
Babcock International Group (BAB) 1,418.00p +0.28%
Bunzl (BNZL) 1,623.00p +0.25%
Coca-Cola HBC AG (CDI) (CCH) 1,499.00p +0.20%
Randgold Resources Ltd. (RRS) 4,675.00p +0.19%
Morrison (Wm) Supermarkets (MRW) 204.90p +0.05%
Royal Dutch Shell 'A' (RDSA) 2,216.50p +0.02%
FTSE 100 - Fallers
Barratt Developments (BDEV) 389.40p -5.00%
Hargreaves Lansdown (HL.) 1,365.00p -4.94%
GKN (GKN) 389.70p -4.04%
Persimmon (PSN) 1,292.00p -4.01%
Wolseley (WOS) 3,406.00p -3.54%
St James's Place (STJ) 815.50p -3.43%
Mondi (MNDI) 1,047.00p -3.32%
Whitbread (WTB) 4,165.00p -3.16%
Ashtead Group (AHT) 952.50p -3.10%
Sports Direct International (SPD) 893.50p -3.09%
FTSE 250 - Risers
Soco International (SIA) 410.40p +3.58%
Tullett Prebon (TLPR) 294.90p +2.97%
Lancashire Holdings Limited (LRE) 678.00p +2.19%
Premier Oil (PMO) 315.00p +2.04%
Hansteen Holdings (HSTN) 111.50p +1.83%
Savills (SVS) 666.00p +1.60%
Centamin (DI) (CEY) 54.20p +1.50%
Laird (LRD) 321.00p +1.36%
Inmarsat (ISAT) 754.00p +1.21%
Caledonia Investments (CLDN) 2,008.00p +1.16%
FTSE 250 - Fallers
Ocado Group (OCDO) 422.00p -6.68%
Imagination Technologies Group (IMG) 202.60p -5.64%
Evraz (EVR) 75.70p -5.26%
Redrow (RDW) 301.00p -4.87%
ITE Group (ITE) 195.80p -4.02%
Ferrexpo (FXPO) 155.80p -3.89%
Bovis Homes Group (BVS) 852.00p -3.78%
Berkeley Group Holdings (The) (BKG) 2,484.00p -3.76%
Taylor Wimpey (TW.) 113.60p -3.73%
PayPoint (PAY) 1,151.00p -3.52%