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FTSE opens 0.5% lower as tough lockdowns imposed on Manchester
StockMarketWire.com
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UK stocks opened lower on Wednesday as prime minister Boris Johnson imposed tough lockdown measures on Greater Manchester and several big miners announced production downgrades.
At 0824, the benchmark FTSE 100 index was down 30.47 points, or 0.5%, at 5,858.75.
The fall came despite optimism that US lawmakers would agree on fresh stimulus measures as Donald Trump indicated his openness to a deal.
Gold miner Centamin tumbled 19% to 131.11p after it slashed its annual output guidance, having paused operations at its Sukari project in Egypt to carry out maintenance work after detecting movement in waste material.
Chile-focused copper miner Antofagasta edged back 0.5p to £10.46 after it also warned on production, citing Covid-19 disruptions and maintenance work.
Fellow miner Fresnillo dropped 2.5% to £12.9981 as it downgraded its gold output guidance.
Elsewhere, gambling company William Hill was broadly flat at 279.9p on announcing that its third-quarter revenue had fall 9% year-on-year, marking an improvement from previous quarters as live sporting events resumed.
William Hill, which recently agreed to be acquired by Caesars Entertainment for 272p per share, said the fall in sales compared to a steeper drop of 32% recorded for the first half.
Property investor Segro shed 0.8% to 930p following news that it had acquired the Electra Park urban warehouse estate in Canning Town, London from Schroders for £133 million.
Segro also announced that it had collected 85% of rent due for the fourth quarter.
Alcohol and soft drinks group C&C added 1.0% to 179p, having returned to profitability during the month of September.
C&C, however, warned of weakness in its on-trade business as Covid-19 restrictions returned in October.
Wealth manager Quilter, which was recently spun out of South African group Old Mutual, rose 0.2% to 129.45p as it posted a modest rise in third-quarter assets under management.
Quilter's AuM for the three months through September increased 1.2% year-on-year to £109.5 billion, amid net inflows of £0.4 billion.
Cybersecurity company Avast gained 0.5% to 515.5p, having reaffirmed its outlook after its adjusted earnings rose 3.3% in the third quarter.
Challenger bank Metro Bank rallied 5.8% to 62.94p as it grew its loan book in the third quarter, driven by government-backed lending to small business.
Metro Bank's loan volumes in the three months through September rose to £15.09 billion, up 2% compared to the first half and up 1% year-on-year. Active payment deferrals fell to less than 3.5% of the retail mortgage portfolio, down from 16% at the first half.
Specialist cleaning company React jumped 11% to 1.33p as it guided for a full-year profit ahead of market expectations after demand rose for Covid-19 decontaminations.
React's organic revenue for the year through September was expected to rise 42% year-on-year to around £4.4 million.
Surveillance systems group Petards soared 13% to 8.9p after it won a contract from Bombardier Transportation to supply its systems in trains.
Story provided by StockMarketWire.com
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