Markets down on fears over China action
Markets ended in the red for the second session in a row as warnings of a new Chinese crackdown sparked worries that Hong Kong protesters might take back to the streets.
The FTSE 100 closed the day down 21.97 points to 5,993.28.
China is pushing for new laws to tighten its grip on the city. Protesters brought parts of the important economic hub to a standstill for months last year amid similar plans from Beijing.
It also sparked fears that an already turbulent relationship with Washington could further deteriorate.
“President (Donald) Trump effectively sided with Hong Kong last year so he is likely to do the same if the situation escalates, and that might renew Us-china trade tensions, which is why equity traders are a little nervous,” said CMC Markets analyst David Madden.
The drop could be seen on the FTSE 100, where HSBC and Prudential, both of which are listed on the Hong Kong Stock Exchange, were two of the biggest losers across the day.
Marston’s said it would join with Carlsberg’s UK division to form a joint venture worth around £780 million.
The move, which is the latest in a string of deals involving UK brewers, will create the Carlsberg Marston’s Brewing Company. Shareholders in Marston’s piled in, sending shares up 33.44p to 66p - a jump of 103 per cent.
Govia Thameslink Railway and Southeastern owner, Go-ahead Group, said coronavirus
could almost halve its profit, even after the Government stepped in to support bus and rail companies.
Shares closed down 130p at 1,099p as Goahead said operating profit is likely to be between £63m and £75m in the 12 months to the end of June.
Wetherspoon’s unveiled its plans for
reopening, including screens at tables and bars. It will spend an initial £11m upgrading pubs and hiring staff to enforce social distancing.
Investors were pleased, with shares closing up 28p at 1,014p.
Shares in North Sea operator Hurricane slumped by 46 per cent, or 5.6p, to close at 6.57p after a disappointing update from its Lancaster field.