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London close: UK stocks end in the red after China cuts renminbi

Tue, 11th Aug 2015 16:15

(ShareCast News) - UK stocks ended Tuesday's session in the red after China's central bank devalued its currency, adding to concerns about the slowdown in the world's second largest economy.Overnight, the People's Bank of China cut the renminbi's daily fixed rate to the dollar by 1.9% to 6,228, the most on record.The dollar appreciated following the decision, sending shares in Glencore, BHP Billiton, Antofagasta, Rio Tinto and Anglo American lower."The commodity-related companies are feeling the pain of the Beijing decision, and faith won't be restored in the metals industry until Beijing's actions show signs of improvement," said David Madden, market analyst at IG.Oanda analyst Craig Erlam said devaluing the yen should support exporters at the expense of other exporting nations in the region.He said the move will also raise further questions about whether the US Federal Reserve can still seriously consider raising rates this year."The process of competitive devaluation among numerous countries that are easing monetary policy is effectively exporting deflation to those that aren't, particularly those contemplating rate hikes."Any move by the Fed to now raise rates could strengthen the currency by more than previously expected. Whether that will be enough to encourage the Fed to delay such a hike isn't clear but if they were not sure before, this certainly won't help matters," he said.Closer to home, Bank of England policymaker David Miles said on Monday he was close to voting for higher interest rates at the policy meeting last week as he saw a reasonable case but did not find the arguments conclusive."Sterling had gone up a bit, oil prices had fallen a bit, there were somewhat ambiguous signals from the labour market, but on balance it was a set of economic news that probably reduced at least the near-term inflation profile by a non-trivial amount," he told Bloomberg.However, he warned that the longer the Bank leaves rates at 0.5%, the faster they may need to rise in the future.In other UK news, British retail sales increased at a slower annual rate in July as wet weather hurt spending on food for barbecues, according to the British Retail Consortium. Retail spending climbed 2.2% year-on-year last month after rising 2.9% in June.Meanwhile, Greece and its creditors have reached an agreement on a third bailout for the country on Tuesday morning after a marathon session of talks. The Hellenic nation reached an outline agreement on a €86bn deal, after agreeing a budget with a primary deficit of 0.25% of gross domestic product (GDP) in 2015, improving to a 0.5% surplus in 2016, a 1.75% in 2017 and a 3.15% surplus in 2018.Gold price increase boosts minersPrecious metals miners Fresnillo and Randgold Resources made healthy gains as gold prices hit a three-week high.Prudential gained after reporting a better-than-expected 17% rise in first-half operating profit and lifted its interim dividend, pointing to strong performances in all of its business units.Ladbrokes declined after posting a 44% drop in adjusted first-half profit to £24.7m, reflecting lower betting on football.Serco reversed earlier gains after maintaining its full-year profit guidance and reporting a better-than-expected fall in revenue in its first half.Standard Chartered slumped on news it was the second biggest bank to walk away from the Carmichael coal mine in Australia in a week. Market MoverstechMARK 3,208.90 -0.58%FTSE 100 6,664.54 -1.06%FTSE 250 17,666.96 -0.53%FTSE 100 - RisersPrudential (PRU) 1,577.00p +4.68%Coca-Cola HBC AG (CDI) (CCH) 1,344.00p +1.51%Inmarsat (ISAT) 977.00p +0.98%ARM Holdings (ARM) 959.50p +0.79%Ashtead Group (AHT) 975.00p +0.62%Fresnillo (FRES) 653.00p +0.54%Randgold Resources Ltd. (RRS) 3,952.00p +0.53%TUI AG Reg Shs (DI) (TUI) 1,050.00p +0.48%Travis Perkins (TPK) 2,132.00p +0.47%RSA Insurance Group (RSA) 507.00p +0.40%FTSE 100 - FallersGlencore (GLEN) 191.00p -7.26%BHP Billiton (BLT) 1,148.50p -5.00%Burberry Group (BRBY) 1,536.00p -4.42%Anglo American (AAL) 774.80p -4.16%GKN (GKN) 309.40p -3.70%Antofagasta (ANTO) 572.00p -3.70%Rio Tinto (RIO) 2,553.50p -3.09%Johnson Matthey (JMAT) 2,880.00p -2.64%Sainsbury (J) (SBRY) 258.30p -2.31%Sky (SKY) 1,069.00p -2.11%FTSE 250 - RisersSynthomer (SYNT) 350.40p +6.28%Aldermore Group (ALD) 298.70p +4.99%Nostrum Oil & Gas (NOG) 572.50p +4.38%Zoopla Property Group (WI) (ZPLA) 254.30p +4.18%Allied Minds (ALM) 461.00p +3.53%Cineworld Group (CINE) 548.50p +3.10%Balfour Beatty (BBY) 251.70p +2.73%Carillion (CLLN) 354.30p +2.70%Telecom Plus (TEP) 1,153.00p +1.95%Centamin (DI) (CEY) 54.65p +1.67%FTSE 250 - FallersVedanta Resources (VED) 454.00p -7.61%Kaz Minerals (KAZ) 151.90p -6.75%Lonmin (LMI) 41.60p -6.20%Just Retirement Group (JRG) 187.80p -5.49%Shawbrook Group (SHAW) 325.00p -4.24%Aggreko (AGK) 1,061.00p -3.89%Polymetal International (POLY) 442.70p -3.70%Tullow Oil (TLW) 219.80p -3.60%Woodford Patient Capital Trust (WPCT) 115.90p -2.85%Premier Oil (PMO) 119.90p -2.68%FTSE TechMARK - RisersTriad Group (TRD) 37.00p +4.23%DRS Data & Research Services (DRS) 13.00p +1.96%NCC Group (NCC) 237.75p +0.96%Spirent Communications (SPT) 80.50p +0.94%Consort Medical (CSRT) 933.00p +0.54%IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 201.70 +0.39%E2V Technologies (E2V) 226.25p +0.11%FTSE TechMARK - FallersRM (RM.) 179.25p -3.11%KCOM Group (KCOM) 95.50p -1.80%Oxford Biomedica (OXB) 8.80p -1.68%Dialight (DIA) 550.00p -1.61%Torotrak (TRK) 6.25p -1.57%Oxford Instruments (OXIG) 930.00p -1.54%BATM Advanced Communications Ltd. (BVC) 18.25p -1.35%Ricardo (RCDO) 914.00p -0.81%Skyepharma (SKP) 277.75p -0.80%XP Power Ltd. (DI) (XPP) 1,707.50p -0.73%
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26 Aug 2016 07:07

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24 Aug 2016 09:13

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12 Aug 2016 09:37

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12 Aug 2016 08:29

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10 Aug 2016 17:28

UPDATE 1-Rank Group, 888 push for William Hill board talks as detail bid

(Adds details, shares) By Pranav Kiran Aug 10 (Reuters) - Casino and bingo hall operator Rank Group Plc and online gambling company 888 Holdings Plc called on Wednesday for talks with the board of William Hill Plc after their proposed joint bid was rejected by the British bookmaker.

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UPDATE 3-British bookie William Hill spurns $4.1 bln Rank-888 bid

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9 Aug 2016 08:33

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5 Aug 2016 10:22

UPDATE 1-Online problems depress profit for bid target William Hill

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4 Aug 2016 11:11

UPDATE 1-Surprise soccer results boost profits for Ladbrokes

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4 Aug 2016 08:15

Ladbrokes leaps on back of thoroughbred first-half results

(ShareCast News) - Bookmaker Ladbrokes first-half profits beat management and City forecasts by a length as favourable results from the sporting gods put an extra sheen on the progress being made after last year's strategic rejig. Having got of to a strong start in the first quarter, growth accelera

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4 Aug 2016 06:20

Ladbrokes first-half profit helped by favourable sports results

LONDON, Aug 4 (Reuters) - British bookmaker Ladbrokes reported a better-than-expected 34 percent rise in first-half operating profit on Thursday, helped by some bookmaker-friendly sporting results. The company, whose 2.3 billion pound ($3 billion) merger with rival Coral was approved last

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26 Jul 2016 09:01

Ladbrokes, Coral must sell 350 to 400 shops to get merger clearance, says CMA

(ShareCast News) - The Competition and Markets Authority has confirmed that bookmakers Ladbrokes and Gala Coral will have to sell 350 to 400 shops in order to obtain clearance for their proposed merger. The regulator said on Tuesday that it has identified 642 local areas where the merger could resul

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26 Jul 2016 06:49

UPDATE 1-Ladbrokes, Coral must sell stores to get merger cleared - UK regulator

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