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LONDON (Alliance News) - London shares prices were lower Friday morning, with the positive impact from upbeat economic data from China completely overshadowed by the news of a terrorist attack in France.
The FTSE 100 was down 0.2%, or 14.70 points, at 6,639.77. The FTSE 250 was down 0.6% at 16,696.95 and the AIM All-Share was down 0.1% at 722.25.
Despite the lower open, shares in Irish distribution and outsourcing group DCC were higher after the company reiterated its outlook for its current financial year to end-March 2017, saying it expects "another year of profit growth and development".
The stock was up 2.3%, the best blue-chip performer. DCC said in its statement ahead of its annual general meeting that the UK's vote to leave the European Union is not expected to have any "material direct impact" on its business as it has "relatively little cross-border trade".
The company noted that around 50% of its operating profits are generated outside of the UK presently, so its operating profit would benefit "modestly" should sterling continue to be weak or depreciate further.
DCC said its operating profit for the first quarter to end-June was "significantly ahead" of the previous year, and "modestly ahead" of expectations, driven by the performance of its DCC Energy business, which in turn was boosted by acquisitions it completed in the previous year.
However, Accendo Markets Michael van Dulken said the focus Friday "of course" will be the tragic Bastille Day attack in Nice, "which has seen the country targeted for a third time in just 18 months and adds to a truly horrific tally and worrying frequency that is becoming increasingly difficult to comprehend."
At least 84 people were killed when a truck ploughed into a crowd in the southern French city of Nice during Bastille Day celebrations in the evening, officials and reports said Friday. Several of the casualties suffered gunshot wounds as the driver fired a handgun from the cab late Thursday, news agency AFP reported.
"After the fireworks, an individual in a truck hit a large number of tourists and residents," said Interior Minister Bernard Cazeneuve, who travelled to Nice on hearing the news. Cazeneuve referred to the suspect as a "terrorist." President Francois Hollande also said the "terrorist characteristics" of the attack "cannot be denied".
The CAC 40 index in Paris was down 0.7% shortly after the open, while the DAX 30 in Frankfurt was down 0.3%.
Tourism-related blue-chips in London opened lower in the wake of the horrific news, with air carriers easyJet and International Consolidated Airlines Group down 2.7% and 1.5%, respectively. Shares in travel operator TUI Group were down 1.0%, while cruise operator Carnival was off 0.9%.
Separately, FTSE 250-listed public transport operator FirstGroup was 1.8% lower. The group said Friday its revenue fell in its first quarter on a constant currency basis, but said it expects to make strong progress for the full year in spite of the "challenging and uncertain trading environment" in several of its markets.
FirstGroup said revenue declined 1.4% on a constant currency basis in the three months ended June when compared to the same period a year earlier, as like-for-like passenger revenue fell 5.0% in its US Greyhound coach business and dropped 1.4% in the UK-based First Bus business.
In Asia on Friday, the Japanese Nikkei 225 index ended up 0.7%. In China, the Shanghai Composite closed flat, while the Hang Seng index in Hong Kong continues up 0.1%.
Chinese GDP expanded 6.7% year-on-year in the second quarter, the same rate as seen in the prior period, data from the National Bureau of Statistics showed. The growth was above the 6.6% growth expectations and within the government's full year target of 6.5 - 7%. In 2015, the economy grew at the slowest pace in 25 years. On a quarterly basis, GDP advanced 1.8% in the second quarter, which was faster than the consensus estimate for 1.6% growth.
Another report from the NBS said industrial production in China jumped 6.2% on year in June, beating forecasts for 5.9%. It was higher than the 6.0% rise in May. Output added 0.4% month-on-month. The bureau also said that retail sales advanced 10.6%, beating expectations for 9.9% and up from 10.0% in the previous month.
Among the highlights in the economic calendar is eurozone inflation at 1000 BST. In the US, retail sales and inflation data are at 1300 BST. US industrial production is at 1415 BST, while the Reuters/Michigan consumer sentiment index is at 1500 BST.
By Daniel Ruiz; danielruiz@alliancenews.com
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