FTSE 100 lower on Trump turnaround

The FTSE 100 slumped 0.4% to 6,888 due to weak Asian and US markets, as presidential candidate Donald Trump’s chances of winning appear to have increased.

Standard Chartered (STAN) was the biggest blue chip faller with a 5% drop, while Royal Bank of Scotland (RBS) and Barclays (BARC) suffered smaller falls of over 1.3%.

West Texas Intermediate (WTI) crude oil slid 1.7% lower to $45.88 and Brent crude oil declined 1.6% to $47.36 per barrel, respectively.

Gold glittered at $1,296 per ounce while copper cheapened 0.6% to $4,872 per tonne.

Annual house price growth slowed from 5.3% in September to 4.6% in October according to Nationwide.

Housing activity drove construction higher in October, as the PMI slid higher from 52.3 to 52.6 according to Markit.

The British Retail Consortium (BRC) said overall shop prices reported deflation of 1.7% in October from a 1.8% decline in September.

FTSE 100 RISERS AND FALLERS

High street retailer Next (NXT) put its best foot forward after it trimmed its full year guidance for sales growth from -2.5% to 2.5% to -1.75% to 1.25%.

Shares in housebuilder Persimmon (PSN) nudged higher on reports its private sales were up 19% year-on-year in the period since 23 August, which suggested a limited impact from the Brexit vote.

Emerging markets focused bank Standard Chartered (STAN) remained under pressure following yesterday’s weak update and revelations of an investigation into an IPO it handled in Hong Kong.

FTSE 250 RISERS AND FALLERS

Security firm G4S (GFS) delivered good news as the company’s organic growth and productivity programmes produced double-digit growth in earnings and operating cash flow.

Cheap pub chain JD Wetherspoon (JDW) reported slowing growth in recent weeks and said it anticipates higher costs in the rest of its financial year. The company previously shrugged off any impact from the Brexit vote.

Corrugated packaging firm Smurfit Kappa (SKG) pleased investors as its third quarter exceeded expectations and the firm reduced its borrowings.

SMALL CAP RISERS AND FALLERS

Potash producer Sirius Minerals (SXX) said it will sell discounted shares to raise £0.98bn to bring its Yorkshire potash mine into production.

Investing company Pires Investments (PIRI) raised £525,000 through a shares placing, which will be used for working capital and investments.

Investors jumped ship after life sciences group Abzena (ABZA) announced that Gilead would no longer pursue the further development of simtuzumab.

Food producer Kerry Group (KYGA) traded 3.4% higher on solid third quarter numbers, which saw full year guidance reiterated.

Global nutrition business Glanbia (GLB) revealed a positive third quarter update as its full year outlook signalled earnings and margin improvement compared to 2015.

Natural gas explorer Sound Energy (SOU) gained 3.1% to 81.75p on better than expected rates of production from a flow test on its TE-7 well on the Tendrara licence in Morocco.

Gold miner Caledonia Mining (CMCL) warned earnings will fall short of expectations due to currency movements and a big increase in its share price which ‘resulted in an increase in share-based expenses’.

The market responded warmly to retail logistics specialist Clipper’s (CLG) click and collect services joint venture with department store John Lewis.

Embattled retailer GAME Digital (GMD) was in negative territory after Deloitte resigned as auditor, leaving the bean counters at BDO waiting in the wings.

Story provided by StockMarketWire.com