FTSE 100 watch: Footsie slides as trade war fears weigh on sentiment

Ferguson share price jumps as group posts third-quarter results

FTSE 100 watch: Footsie slides as trade war fears weigh on sentiment

The UK benchmark index has fallen into the red in today’s session, pressured by escalating trade tension between the US and China. In individual movers, Ferguson (LON:FEG) is outperforming the FTSE 100 after updating investors on its third-quarter performance.

FTSE 100 dips amid trade tensions

As of 12:35 BST, the Footsie had shed 47.82 points to stand 0.63 percent lower at 7,583.51. The blue-chip index has been subdued following US President Donald Trump’s move to warn of a further 10-percent tariff on $200 billion of Chinese goods.

“Trade war fears are stalking markets again, causing heavy losses across indices,” Chris Beauchamp, market analyst at IG, commented in a note, adding that the next area of possible support for the UK benchmark index stood at 7,390 points and then 7,300 points.

“Each intraday rally over the past three weeks has found selling pressure, and it will need a close back above 7,700 to reverse the current bearish view,” he added.

Individual blue-chip movers

In individual Footsie movers, shares in Ferguson have been in demand after the company reported that its ongoing revenue was 10.2 percent up in the three months to April 30, including 7.1 percent organic growth, while its ongoing trading profit was 17.1 percent ahead of last year. Ferguson’s share price is currently 2.28 percent better off at 6,024.00p.

Ashtead (LON:AHT) meanwhile has given up 6.16 percent to 2,226.00p, even as it reported a rise in full-year revenue. The company, however, disclosed a dip in after-tax profit in the last quarter of its financial year.

The FTSE 100 was 0.63 percent down at 7,583.24 points as of 12:48 BST on Tuesday, 19 June 2018.

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