Footsie falters on concerns over China

The FTSE 100 ended firmly in the red as disappointing trade data from China weighed on global markets.

London’s top flight closed down 63.16 points at 6,855.02 as data from the Asian superpower showed a 4.4 per cent decline in the country’s exports in December.

It represents the worst fall in two years, and comes amid simmering trade tensions between the US and China, as well as a slowdown in global growth.

Connor Campbell, financial analyst at Spreadex, said: “Given that the commodity sector is rightly edgy every time some bad news comes out of Beijing, it stands to reason that the oil and mining-heavy FTSE was the worst hit of the major indices.

“The likes of BP, Shell, Anglo American and Antofagasta are causing the brunt of the decline.”

Investors in Revolution Bars were drowning their sorrows after the group warned that fullyear profit will take a knock from “economic and political uncertainties”, taking a shine off rising sales over the festive period.

The group saw like-for-like sales for the 26 weeks to 29 December drop 4 per cent. Shares were down 25.8p, or 21 per cent, at 96p.

Norwegian oil firm DNO said it intends to start the process of delisting shares in Faroe Petroleum as soon as it hits the 75 per cent ownership level it needs.

The company urged investors in the Aberdeen-based company who have yet to accept the offer to do so as soon as possible. Shares were unchanged at 160p.