UK stocks opened 0.9% lower as trade tensions continued between the US and China
UK stocks opened lower on Wednesday as ongoing trade tensions between the US and China stoked global growth fears.
At 0847, the FTSE 100 was down 65.94 points, or 0.9%, at 7.203.01.
London-focused residential property developer Telford Homes dropped 2.8% after it booked a 13% fall in annual profit and held its dividend steady. The company said its margins were hurt by an increasing focus on the buy-to-rent sector.
London Southend Airport owner Stobart jumped 9.9%, despite swinging to a full-year loss owing to a series of one-off expenses including airline marketing costs and infrastructure write-downs.
Revenue jumped 39% and the company said it had entered the new financial year with increased confidence.
Information services company Experian fell 0.7% as it announced that it had appointed current board member Mike Rogers as its new chairman. Rogers would replace Don Robert, who announced his departure back in December.
Self-management investment trust company Caledonia Investments fell 0.6% as it reported a surge in profits, underpinned by gains in its investment portfolio.
Banknote authentication group Spectra Systems advanced 2.8% on guiding for profits in the current calendar year to exceed market expectations.
Retail stockbroker Share, which operates the Share Centre, gained 0.8% after its commission and fee revenue grew by 2% in a challenging first quarter.
Industrial software company Aveva added 1.3% as its profits grew by more than third.
EasyHotel gained 4.1% even as it swung to a modest loss for the year due to temporary closure of its Old Street property in London, which offset a rise in sales.
Digital performance marketing services provider XL Media added 2.0% after it announced that it intended to continue a share buyback programme initiated in December.
Customer engagement software provider Netcall tumbled 13% on downgrading its annual earnings guidance, blaming purchasing delays for hurting product sales.
Pharmaceuticals company Vectura fell 0.3%, despite announcing that its current outlook remained in line with its guidance for the full year, and that it was considering returning capital to shareholders.