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Trade friction halts FTSE rally, Pendragon tanks on profit alert

Published 12/06/2019, 08:24
Updated 12/06/2019, 08:30
Trade friction halts FTSE rally, Pendragon tanks on profit alert
UK100
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BATS
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RKT
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PINE
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FTMC
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TED
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BOOH
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QUIZ
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* FTSE 100 down 0.3%, FTSE 250 down 0.2%
* Financials, exporters drag on main index
* Pendragon tanks to >6 yr low after profit warning
* Boohoo down as gross margin contracts slightly

June 12 (Reuters) - London's main stock market index eased
on Wednesday as the latest exchange of blows between Washington
and Beijing kept investors on edge about the risks to global
growth, while small-cap car dealership chain Pendragon sank
after a profit alert.
The FTSE 100 .FTSE retreated from a seven-day winning
streak to fall 0.3% while the mid-cap FTSE 250 .FTMC was 0.2%
by 0715 GMT. They are up almost 3% so far this month, undoing
most of the impact of a global slide in stock markets in May.
Heavyweight financial stocks were the biggest drags on the
blue chip index, while companies with more international
exposure such as British American Tobacco BATS.L and Reckitt
Benckiser RB.L fell.
Pendragon PDG.L tumbled 19% to a more than six-year low as
it warned that significant declines in new car and used car
registrations would lead it to report a pre-tax loss for the
current year. Online fashion group Boohoo BOOH.L , operating in a tough
retail market that saw hits to fashion retailer Ted Baker
TED.L and fast fashion chain Quiz Plc QUIZ.L on Tuesday,
slipped 5% despite posting robust quarterly sales growth.
Traders said the move may have been spurred by a small
contraction in the company's gross margin for the quarter.

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