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Name | Symbol | Market | Type |
---|---|---|---|
Hargreaves Lansdown PLC (PK) | USOTC:HRGLY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.55 | 18.68 | 24.51 | 0.00 | 01:00:00 |
By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.K. stocks fell Monday, with a ratings cut for Burberry Group PLC putting the luxury retailer's shares on their heels as the broader market suffered one of its biggest decline in a month.
The FTSE 100 fell 1.1% to 6,622.84, with only nine of its constituents posting gains. Energy firms took three of the top spots among advancers, with British gas parent Centrica PLC up 1.9%, and natural gas producer BG Group PLC and power company SSE PLC each tacking on 0.5%.
But Burberry shares fell 2% after they were downgraded to hold from buy by Berenberg. Currency headwinds persist for euro-, pound- and Swiss franc-denominated luxury, sporting goods and eyewear makers, Berenberg analysts John Guy and Bassel Choughari said in a note Monday. Assuming no change to current levels, "the second half of 2014 ought to provide some respite. However hedged, the translational impact is likely to weigh on earnings over the short term," they said.
U.K. stocks stayed lower Monday after U.S. equity trading opened with losses. European markets had tracked Wall Street's selloff on Friday, which was underpinned by declines among so-called momentum stocks, such as biotechs and Internet companies.
Echoing that trend, shares in microchip designer ARM Holdings PLC fell 2.4% in London on Monday.
Also dragging on the FTSE 100 were shares of Barratt Developments PLC and Hargreaves Lansdown PLC as the home builder gave up 5% and the investment manager lost 4.9%.
While investors shunned both risk and safe-haven stocks on Monday, risk appetite among chief financial officers of major U.K. companies was at its highest level in six years in the first quarter, with a Deloitte survey released Monday showing 71% of CFOs polled said now is a good time to take on more risk.
U.K. interest rates, meanwhile, are expected to be held steady when the Bank of England releases its monetary policy decision on Thursday.
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