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London stocks hit by glum earnings, lower oil prices; M&S gains

Published 18/08/2020, 08:21
© Reuters.
UK100
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MKS
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CPI
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BHPB
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* FTSE 100 down 0.8%, FTSE 250 off 0.6%

Aug 18 (Reuters) - London's FTSE 100 fell on Tuesday as
lower oil prices and a clutch of lacklustre earnings reports
sparked a round of profit-taking, while Marks & Spencer rose
after announcing new job cuts.
The blue-chip FTSE 100 .FTSE was down 0.8%, with losses in
energy, financial and industrial stocks pulling the index back
from what had so far been its best month since April. O/R
Miner BHP Group BHPB.L was also among the biggest weights
on the index, slipping 2.4% after reporting a 4% drop in annual
profit that missed analysts' estimates. The mid-cap FTSE 250 .FTMC shed 0.6%, led by a 10.8%
plunge for outsourcer Capita Plc CPI.L , as it posted a
first-half loss due to a significant hit from the COVID-19
pandemic and said it would not generate sustainable cash flow
for up to two years. Retailer Marks & Spencer MKS.L gained 1.6% after saying it
plans to cut a further 7,000 jobs, dealing the latest blow to
the country's beleaguered retail sector from the COVID-19
crisis.

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