Burberry Share News (BRBY)

LONDON (Alliance News) - Stocks in London continued where they left off on Tuesday, with the FTSE 100 lower on Wednesday amid losses for fashion house Burberry and gold miner Fresnillo.The FTSE 100 was down 35.46 points, or 0.5%, at 6,865.93. London's blue-chip index had closed 1.0% lower on Tuesday.The FTSE 250 was 105.86 points lower, or 0.6%, at 18,575.73 early Wednesday. The AIM All-Share was down 0.3% at 908.42.The Cboe UK 100 was down 0.6% at 11,653.10, while the Cboe UK 250 was 0.5% lower at 16,612.95 but the Cboe UK Small Companies up 0.1% at 11,140.50.In mainland Europe, the CAC 40 in Paris and the DAX 30 in Frankfurt were both down 0.4% in early trade.The lower open in Europe comes after a disappointing performance in the US overnight amid worries over global growth prospects, said Michael van Dulken, head of research at Accendo Markets.He added that this was "exacerbated by reports that President Trump rejected Chinese a proposal for preparatory talks ahead of high-level trade negotiations next week. The White House issued a swift denial, but the damage was already done, with even more Chinese stimulus (liquidity) failing to revive sentiment."In Asia on Wednesday, the Japanese Nikkei 225 index closed down 0.1%. In China, the Shanghai Composite ended up 0.1%, while the Hang Seng index in Hong Kong closed flat.In London, Antofagasta was the best performer in early dealings, 0.8% higher after the Chilean miner said it finished 2018 strongly, with copper production at the top end of guidance.Copper production in the fourth quarter was 220,000 tonnes, up 17% on a year ago, with production for 2018 as a whole 725,300 tonnes, at the upper end of guidance. The copper production for 2018 was up 3% on 2017, driven by higher output at Los Pelambres and Centinela.Fresnillo also released annual production results, but received a less positive response from the market, as shares fell 1.9%, making the Mexican gold miner the worst performer in the FTSE 100.Silver production for 2018 totalled 61.8 million ounces, up 5.3% on last year due to the first full year of operations at San Julian. Gold output rose 1.3% year-on-year to 923,000 ounces.However, Chief Executive Octavio Alvidrez said the increased production "does not mask what was a challenging year for Fresnillo"."Despite the year on year increase in silver production resulting from a full year of operations at San Julian (Phase II), we are reporting lower silver production than anticipated. This was mainly explained by the lower than expected ore grades at the Fresnillo and Saucito mines which have persisted into the final quarter, together with operational issues," said Alvidrez.Looking ahead, the company expects silver production in 2019 to be between 58 million and 61 million ounces, which would be slightly lower than that achieved in 2018, while gold output is expected to be flat year-on-year.Burberry shares were 1.2% lower as it reported marginal like-for-like revenue growth in its third quarter.Retail revenue fell 1% in the 13 weeks to December 29 to GBP711 million, while comparable store sales rose 1%. This like-for-like growth, as Accendo's van Dulken pointed out, was at the bottom of the 1% to 3% consensus range."I am pleased with our progress in the quarter as we continued to build brand heat around our new creative vision and shift consumer perception of Burberry. Excitement is growing ahead of next month's launch of Riccardo's debut collection," said Chief Executive Marco Gobbetti, referring to Chief Creative Officer Riccardo Tisci.Computacenter was the best performer in the FTSE 250, shares climbing 7% after the IT firm said it "materially outperformed" the expectations held at the start of 2018. Revenue for the year grew 8% at actual exchange rates and 7% at constant current. Services revenue was up 1% at actual rates, and Technology Sourcing revenue 11% higher. "2018 was a record year which has materially outperformed our original expectations. We believe that we will again show financial progress during 2019. The first half performance in 2018 will create a challenging comparison but positive market momentum, driven by our customers' appetite to invest in digital technology to enhance their business, gives the Board confidence in the future," the firm said.RPC was 4.8% higher at 769.20 pence after agreeing to be taken over in a deal worth GBP3.3 billion from Apollo Management. The two first announced they were in takeover talks back in September 2018, and since discussions began the pair have pushed back the 'put up or shut up' deadline multiple times.Apollo has now declared a final offer of 782p per RPC share, marking a 16% premium to the FTSE 250-listed firm's share price on September 7, the last business day before the initial announcement of takeover talks was made. The price, including a recently declared interim dividend, also marks a 7.6% premium to RPC's closing price of 734p on Tuesday.The directors of RPC intend to recommend unanimously that shareholders vote in favour of the scheme."In July I stated that differing investor views on the appropriate level of gearing was constraining the group's ability to pursue opportunities for growth and, as such, putting pressure on RPC's valuation. I also said that the board was working to resolve this situation. Today's announcement is the culmination of that process," said RPC Chair Jamie Pike."The board believes that the offer of GBP7.82 per share is a good outcome for shareholders and intends to recommend unanimously that they accept this offer," Pike added.WH Smith rose 1.6% as it reported strong trading and said the integration of its US purchase is progressing well. In the 20 weeks to January 19, the stationary and books retailer's total sales were up 6% while like-for-like sales were flat. Travel sales climbed 16%, with like-for-like sales 3% higher. High Street total sales were down 1%, as comparable sales fell 2%.The integration of InMotion, a US travel retailer of digital accessories, is progressing well, and continues to show the "strong sales momentum" exhibited prior to its takeover by WH Smith. In the economic calendar on Wednesday, the CBI industrial trends survey is at 1100 GMT and in the US the Redbook index is at 1355 GMT. Eurozone consumer confidence is at 1500 GMT.