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Share Price Information for Ferrexpo (FXPO)

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Share Price: 44.00
Bid: 44.00
Ask: 44.20
Change: -0.35 (-0.79%)
Spread: 0.20 (0.455%)
Open: 44.85
High: 45.00
Low: 44.00
Prev. Close: 44.35
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British midcaps slide 2% as economy shrinks ahead of BoE decision

Mon, 13th Jun 2022 09:30

June 13 (Reuters) - London's FTSE 250 index slid to its lowest level in a month on Monday after data showed Britain's economy unexpectedly shrank in April ahead of a Bank of England policy meeting this week.

The domestically-focussed mid-cap index was off 2.1% and the blue-chip FTSE 100 index was down 1.3%.

Both indexes hit their lowest level since May 12 and were heading for a fifth straight day of losses.

Britain's gross domestic product (GDP) contracted by 0.3% in April from March, while over the three months to April GDP was up by 0.2%, slowing sharply from growth of 0.8% in the three months to March, official data showed.

Economists polled by Reuters had on average forecast that the British economy would grow by 0.1% in April from March and by 0.4% in the February-April period.

Separately, industrial and manufacturing output also logged a surprise monthly fall against a backdrop of inflation nearing 10%.

"Markets have gone from optimism that inflation might be on the cusp of plateauing, to rising apprehension that we could not only see higher prices, but that prices might well remain higher for a lot longer than originally thought," Michael Hewson, chief market analyst at CMC Markets UK, said.

The Bank of England (BoE) is expected to raise interest rates on Thursday by 25 basis points (bps) to 1.25%. If it opts for a bigger hike, this will stoke recession fears.

Among individual stock moves, oil majors BP Plc and Shell Plc were both down 1.9%, while industrial miners shed 2%, as commodity prices slid on concerns around demand due to a rise in China's COVID-19 cases.

Mexico-focussed precious metals miner Fresnillo jumped 7.8%, topping the gainers on the FTSE 100 index.

Ferrexpo Plc, meanwhile, dropped 7.1% after the Ukraine-focused miner cut its iron ore production in the wake of Russia's invasion of its neighbour. (Reporting by Devik Jain in Bengaluru)

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Ferrexpo PLC - Swiss-headquartered, Ukraine-focused iron ore exporter - Resumes production in central Ukraine, following a temporary suspension announced October 11 due to Russian missile strikes on state-owned electrical infrastructure. Says repair work has progressed to allow for partial resumption of production, although supply of power remains variable.

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Ferrexpo partially resumes Ukraine production after Russia missile attacks

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TOP NEWS: Ferrexpo suspends production after Russian missile strikes

(Alliance News) - Ferrexpo PLC on Tuesday said that its production has been temporarily suspended following a number of Russian missile strikes across Ukraine on Monday.

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(Sharecast News) - Iron ore pellet maker Ferrexpo said it had suspended operations in Ukraine after Monday's Russian missile strikes on the country damaged electrical power infrastructure.

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Ferrexpo alters production following logistics constraints in Ukraine

(Alliance News) - Ferrexpo PLC on Thursday said it continued to navigate the impact of Russia's invasion of Ukraine as it moved towards producing higher grade direct reduction pellets.

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6 Oct 2022 07:35

Ferrexpo Q3 production falls as Russia blockade bites

(Sharecast News) - Iron ore pellet producer Ferrexpo reported a sharp fall in third-quarter output on Thursday due to Russia's blockade of Ukraine's Black Sea ports.

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