FTSE 100 watch: Trade war fears hit Footsie

Mondi share price buoyed by group’s results

FTSE 100 watch: Trade war fears hit Footsie

The UK benchmark index has fallen into the red in today’s session, extending yesterday’s losses, with trade war fears sapping global market sentiment. Mondi (LON:MNDI), however, has bucked the trend, following the group’s full-year results this morning.

Benchmark index heads south

As of 12:24 GMT, the FTSE 100 had given up 65.81 points to stand 0.92 percent lower at 7,109.83. The index is on track to post more than a one-percent loss this week. Sentiment has been subdued in today’s session after comments by US President Donald Trump about taxing aluminium and steel imports sparked trade war concerns.

Investors are also eyeing Theresa May’s Brexit speech later today, with the Prime Minister set to outline her plans for the UK’s relationship with the European Union.

Blue-chip winners & losers

In individual stock news, Mondi has been one of the index’s biggest blue-chip risers, after reporting that its revenue had climbed seven percent to €7.1 billion last year. The group’s underlying operating profit meanwhile came in four percent higher at €1.02 billion. Mondi’s share price is currently 2.69 percent better off at 1,889.50p.

In FTSE 100 fallers, GKN (LON:GKN) has given up 1.13 percent to 430.10p after confirming that it was in talks with US-based Dana about selling its automotive business, and announcing plans to make a financial contribution of approximately £160 million to its UK Pension Schemes following the demerger of its aerospace and automotive divisions.

London Stock Exchange (LON:LSE) is down 1.95 percent at 3,865.00p despite reporting a rise in full-year revenues. The company also noted that it had made ‘good progress’ in the search for a new chief executive.

The FTSE 100 was 1.04 percent down at 7,100.71 points as of 12:53 GMT on Friday, 02 March 2018.

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