ACA.L Share News (ACA)

LONDON (Alliance News) - Threats from the US that China "will be paying" for allegedly walking back on trade promises kept European stocks subdued at midday, with ex-dividends additionally weighing on London's FTSE 100. The FTSE 100 was down 24.95 points, or 0.3%, at 7,246.05 Thursday midday. So far this week, London's blue-chip index is on course to shed nearly 2%. The FTSE 250 index was down 167.45 points, or 0.9%, at 19,364.46, while the AIM All-Share was down 0.3% at 959.25.The Cboe UK 100 index was down 0.3% at 12,285.83. The Cboe UK 250 was down 0.8% at 17,415.47. The Cboe UK Small Companies was flat at 11,738.17.In mainland Europe, the CAC 40 stock index in Paris was down 1.3% while the DAX 30 in Frankfurt was down 0.9%. Market sentiment took another hit on Thursday as trade fears ratcheted up following comments by US President Donald Trump.US officials have said China backed out of commitments already made in negotiations, and therefore the US will raise tariffs on USD200 billion worth of Chinese goods to 25% from Friday. Currently, these tariffs are at a level of 10%."They broke the deal. So they are flying in, the vice premier tomorrow is flying in. Good man. But they broke the deal. They can't do that. So they will be paying," Trump told supporters at a rally in Florida.Chinese Vice Premier Liu He is to visit Washington for two days of negotiations starting Thursday."If people's worst fears are realized and talks break down altogether, the market impact could be significant," explained Craig Erlam at Oanda. "One of the reasons we've seen such an incredible recovery from the fourth quarter sell-off has been the belief that it's a case of when, not if, a deal will be reached."He added: "It was heavily priced in."Though, the most likely outcome is not a "complete breakdown", he noted. "As it stands, the best likely outcome is probably a delay in tariffs and continuation of talks. That may temporarily support markets but the intensity of negotiations will have to be ramped up," said Erlam. In the U,S stocks are set for a lower open amid the looming trade war. The Dow Jones and S&P 500 indices are called down 0.8%, while the Nasdaq Composite is seen off 1.0%. US-based ridesharing app Uber is poised to make its debut on the New York Stock Exchange at the end of this week.Ahead of Uber's life on the stock exchange, drivers in Britain, Australia, the US and other nations switched off their apps and held protests on Wednesday against what they called the company's "large-scale worker exploitation".Uber, which has has posted only large losses to date, is aiming for a total valuation of up to USD90 billion in its initial public offering.The economic events calendar on Thursday has the US producer price index at 1330 BST, with the consumer price index following on Friday.In London, ex-dividend stocks were adding to the hit on the FTSE 100 from Thursday's negative sentiment. Shares in British Gas-owner Centrica were down 8.6% while insurer Admiral fell 3.9% as both stocks went ex-dividend, meaning new buyers no longer qualify for the latest payouts. Meanwhile, housebuilder Barratt Developments was the top gainer, up 2.4% on a robust trading update early Thursday. For the period between January 1 and May 5, the housing developer's forward sales rose to GBP3.36 billion, equating to 14,181 units, compared to GBP3.28 billion a year ago.Barratt's net private reservation rate for the period since the start of the year was strong at 0.79 per active outlet per average week, marginally below 0.80 in the same period a year ago.Trading since the beginning of the year has been strong, the outlook for the year is modestly ahead of our previous expectations, and we are encouraged by our continued progress in driving operating efficiencies through the business," Chief Executive Officer David Thomas said.RSA Insurance edged up 1.8% as it reported growth in first-quarter premiums. In the three months to March 31, the FTSE 100-listed general insurer recorded net written premiums of GBP1.57 billion, 3% higher that the year before. Taking into account planned exits, foreign exchange movements and reinsurance charges, written premiums were flat.RSA's group operating profit in the first quarter was "in line on a reported basis", on an improved combined ratio, offset by "slightly" lower investment income.Keeping the FTSE 250 in the red was IMI, down 5.7%, the mid-cap index's worst performer on Thursday. The engineer expects its annual results in 2019 to be in line with forecasts despite first-quarter trading continuing to face mixed conditions for IMI's various units.For the three months ended March, organic revenue was 2% lower than the year prior. On an adjusted basis, revenue was 1% higher, helped by a "modest exchange rate tailwind and the benefit of the Bimba acquisition".In the first quarter, Critical Engineering saw revenue 12% lower on an organic and 11% lower on an adjusted basis.IMI said prospects across some of the major markets for Critical Engineering "continue to be varied" with "structural uncertainty" in the Fossil Power market offset by opportunities in the Oil & Gas, Petrochemical and Marine markets.Rathbone Brothers was down 3.5% despite posting a rise in quarterly funds under management & administration.At March 31, Rathbone's total funds under management & administration stood at GBP47.53 billion, up 7.7% from GBP44.1 billion at December 31. The company's net operating income in the quarter increased to GBP85.3 million from GBP75.4 million the year before."Whilst we expect weak investor sentiment to continue in the short term, we continue to provide our clients with quality investment and advice solutions whilst pursuing future growth opportunities," said Chief Executive Philip Howell.Acacia Mining shares rose 3.2% as it reported a significant improvement in gold production in April. Acacia's gold production in April was 47,805, representing a 37% increase from the monthly average during the first quarter of 2019. This was on the back of improved performance at North Mara with April gold production of 33,941 ounces, 54% above the monthly average production in the previous three-month period.The production rebound left the company confident in delivering against full-year production guidance of 500,000 to 550,000 ounces.