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Share Price: 460.00
Bid: 459.60
Ask: 459.80
Change: 0.00 (0.00%)
Spread: 0.20 (0.044%)
Open: 460.30
High: 463.35
Low: 458.30
Prev. Close: 460.00
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Global equity rout sends Britain's FTSE to April lows

Thu, 11th Oct 2018 10:08

(For a live blog on European stocks, type LIVE/ in an Eikonnews window)

* FTSE 100 down 1.5 pct

* Oil majors weigh

* WH Smith falls 11 pct

By Julien Ponthus

LONDON, Oct 11 (Reuters) - UK shares fell to their lowestsince April as a global rout on equity markets caused by fearsof fast-rising rates and risk aversion amid a burst ofvolatility took its toll in Europe after hitting Asia and WallStreet.

The FTSE 100 fell 1.4 percent by 0839 GMT, a fallbroadly in line with European benchmarks, all retreating afterthe S&P 500 and the Nasdaq plunged in New Yorkovernight.

"The bloodbath for global equities comes as investors adjustto a world of higher US interest rates", said Jasper Lawler fromLondon Capital Group, explaining that investors were switchingbets on so-called growth stocks, like America's Facebookor Amazon to "more conservative strategies".

"To say risk appetite has taken a hit would be anunderstatement", he added.

Recruiting firm Hays posted the worst performancesof the pan-European STOXX 600, sinking 12.7 percent, afterreporting a slower quarterly fee growth rate, hurt by arelatively stronger pound against other foreign currencies.

British fund supermarket Hargreaves Lansdown wasalso among the big losers of the day, retreating 4.8 percentafter a trading update which suggested a slower start to thefinancial year.

Books, newspaper and stationery retailer WH Smithtook a big hit, down 10.4 percent, after it unveiled plans torestructure its high street business to face lower consumerspending and lingering economic uncertainties.

Oil majors also contributed to drag the index down as oilfell to two-week lows with prices also hit by the storm on WallStreet and an industry report showing U.S. crude inventoriesrose more than expected. BP lost 2 percent and RoyalDutch Shell 2.2 percent.

Losses were exacerbated by the fact that a number of stocks,such as Barratt Develoment, Centrica, HSBCand Tesco, were trading without entitlement totheir latest dividend pay-out.(Julien Ponthus, Editing by William Maclean)

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