Market Report: China news caps off a decidedly sober start to the year

 

They say that when the US sneezes, the rest of the world catches a cold. The same could easily said about China, which yesterday spooked global markets by publishing disappointing economic data.

The FTSE 100 fell 31.18 points to 6717.91 as mining stocks – including Anglo American, BHP Billiton and Rio Tinto – were dragged down 28p to 1,292p, 17p to 1,852p and 39.5p to 3,370p respectively on the back of the poor manufacturing data.

The news capped off a decidedly sober start to the year. Low trading volumes (and probably a few second-day hangovers) took the fizz out of London’s leading share index.

Debenhams bounced a little after its profit warning on New Year’s Eve wiped 12 per cent off the department stores group, rising 2.15p to 75.15p on news of its financial director’s departure. The fashion retailer Next, which publishes its Christmas figures today, rose 80p to 5,530p while Primark’s owner Associated British Foods gained 43p to 2,488p after John Lewis and House of Fraser both reported festive sales up about 7 per cent. However, Marks & Spencer, which surprised the markets with a 30 per cent pre-Christmas sale, was down 5.3p at 427.3p.

Mid-cap oil and gas explorer Ophir Energy fell 26.9p to 300.9p, ranking among the day’s largest fallers after the company revealed it had completed its latest drilling programme in Tanzania but had found water, not oil.

Elsewhere, RSA Insurance rose 0.80p to 92.2p after a dire end to the year for the FTSE 100 insurer, whose chief executive Simon Lee departed after it discovered a hole in its Irish accounts.

The African-focused gold miner Avocet Mining fell 0.82p to 8.71p after it missed a £9.6m loan payment to its largest shareholder, Elliott Management. Last year its shares fell 90 per cent as the gold price slumped and it suffered troubles at its Burkina Faso mine, including landslides.

There was also a sign of M&A activity to kick-start the year, albeit in the junior AIM market where research specialist Cyprotex rose 0.26p at 7.88p as it bought US rival CeeTox for an initial £600,000.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Sales Assistant / Buyer

£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...

Recruitment Genius: Customer Service Advisor

£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....

Recruitment Genius: Compliance Manager

£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...

Day In a Page

Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?

'The economic collapse has happened. What is at risk now is democracy...'

If it doesn’t work in Europe, how is it supposed to work in India or the Middle East, asks Robert Fisk
The science of swearing: What lies behind the use of four-letter words?

The science of swearing

What lies behind the use of four-letter words?
The Real Stories of Migrant Britain: Clive fled from Zimbabwe - now it won't have him back

The Real Stories of Migrant Britain

Clive fled from Zimbabwe - now it won’t have him back
Africa on the menu: Three foodie friends want to popularise dishes from the continent

Africa on the menu

Three foodie friends want to popularise dishes from the hot new continent
Donna Karan is stepping down after 30 years - so who will fill the DKNY creator's boots?

Who will fill Donna Karan's boots?

The designer is stepping down as Chief Designer of DKNY after 30 years. Alexander Fury looks back at the career of 'America's Chanel'
10 best statement lightbulbs

10 best statement lightbulbs

Dare to bare with some out-of-the-ordinary illumination
Wimbledon 2015: Heather Watson - 'I had Serena's poster on my wall – now I'm playing her'

Heather Watson: 'I had Serena's poster on my wall – now I'm playing her'

Briton pumped up for dream meeting with world No 1
Wimbledon 2015: Nick Bollettieri - It's time for big John Isner to produce the goods to go with his thumping serve

Nick Bollettieri's Wimbledon Files

It's time for big John Isner to produce the goods to go with his thumping serve
Dustin Brown: Who is the tennis player who knocked Rafael Nadal out of Wimbeldon 2015?

Dustin Brown

Who is the German player that knocked Nadal out of Wimbeldon 2015?
Ashes 2015: Damien Martyn - 'England are fired up again, just like in 2005...'

Damien Martyn: 'England are fired up again, just like in 2005...'

Australian veteran of that Ashes series, believes the hosts' may become unstoppable if they win the first Test
Tour de France 2015: Twins Simon and Adam Yates have a mountain to climb during Tour of duty

Twins have a mountain to climb during Tour of duty

Yates brothers will target the steepest sections in bid to win a stage in France
John Palmer: 'Goldfinger' of British crime was murdered, say police

Murder of the Brink’s-MAT mastermind

'Goldfinger' of British crime's life ended in a blaze of bullets, say police
Forget little green men - aliens will look like humans, says Cambridge University evolution expert

Forget little green men

Leading evolutionary biologist says aliens will look like humans
The Real Stories of Migrant Britain: An Algerian scientist adjusts to life working in a kebab shop

The Real Stories of Migrant Britain

An Algerian scientist struggles to adjust to her new life working in a Scottish kebab shop
Bodyworlds museum: Dr Gunther von Hagens has battled legal threats, Parkinson's disease, and the threat of bankruptcy

Dying dream of Doctor Death

Dr Gunther von Hagens has battled legal threats, Parkinson's disease, and the threat of bankruptcy