FTSE 100 watch: Footsie little changed after weak China data

on Aug 8, 2016

The UK benchmark index has been little changed in today’s session, with the summer lull settling in and with investors staying on the sidelines following weak trade data out of China this morning. Hikma Pharmaceuticals (LON:HIK) has plunged to the bottom of the FTSE 100 leaderboard, extending losses in the wake of last week’s profit warning.

As of 12:36 BST, the Footsie had lost 4.90 points to stand 0.07 percent in the red at 6,788.57, having traded marginally higher earlier in the session, and having hit its highest level since June 25 last year at 6,829.47.
“With little to work with the European markets saw little reason to abandon their early gains, even if the FTSE saw its gains shrink slightly as the morning went on,” Connor Campbell at Spreadex said in a an afternoon market update.

Investors have also taken a step back as the latest China trade data revealed a drop in imports and exports last month. Despite the downbeat overall numbers, the nation’s iron ore imports rose, with the news sending London-listed miners higher. BHP Billiton (LON:BLT) has posted the most notable gains in the sector, having spiked 3.161 percent to 1,046.00p.
Barclays has been another prominent Footsie riser, benefitting from an upgrade from ‘neutral’ to ‘outperform’ at Exane BNP Paribas. The lender’s shares are currently changing hands 2.99 percent higher at 156.55p.
At the other end of the spectrum has been Hikma, whose shares continue to be sold off after the pharma group warned on its profit at its generic drugs business last week. Hikma’s share price is 4.89 percent worse off at 2,278.00p.
**The FTSE 100 index was 0.16 percent down at 6,782.47 points as of 12:59 BST on Monday, August 8, 2016.**

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