US and China data sends shares down

LONDON’S top-flight shares ended the week in the red yesterday, as global sentiment dipped on US jobs data and Chinese trade figures.

The FTSE 100 index was down by 53.24 points, or 0.74 per cent, to 7,104.31.

Its European counterparts also felt the sting of global pessimism on the markets, with the German Dax down 0.53 per cent and the French Cac falling 0.7 per cent.

Trading began on a negative note when overnight Chinese trade figures showed that exports and imports declined by 20.7 per cent and 4.8 per cent respectively. In the afternoon US non-farm payrolls showed only 20,000 jobs were created in February, well below the expected 180,000.

David Madden, market analyst at CMC Markets UK, said the numbers added to concerns over the state of the global economy.

“The poor numbers added weight to the argument that the global economy is cooling down,” he said. “In London, mining stocks are in the red

53 Points fall on the FTSE-100 index in

London last night

due to the weak import numbers. China is a major importer of minerals, and dealers are worried China’s demand for metals will wane.”

The economic data also contributed to lower oil prices, with a barrel of Brent crude oil trading down 2.17 per cent at 64.62 US dollars.

On the currency markets, the pound was lower ahead of next week’s “meaningful vote” in Parliament on Brexit. It fell 1.03 per cent against the euro at 1.156 and fell 0.7 per cent versus the dollar to 1.300.

In London, Mike Ashley’s dramatic campaign to install himself on the board of Debenhams sent the company’s stock rocketing as much as 40 per cent. It closed 0.48p, or 15.64 per cent, higher at 3.534p.

Ladbrokes owner GVC was down 95.5p, almost 14 per cent, to 588.5p after bosses cashed in from a share sale.

Chief executive Kenny Alexander and chairman Lee Feldman will pocket £13.7 million and £6 million respectively after offloading nearly three million shares between them.