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LONDON MARKETS : FTSE 100 Declines As Burberry Shares Sink, House Builders Drop

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11/09/2017 | 10:27am CET

By Carla Mozee, MarketWatch

AstraZeneca shares rise after results; Hikma cuts guidance

Blue-chip stocks in the U.K. declined Thursday, as house builders fell following soft industry figures and as Burberry Group PLC shares tumbled the most in more than five years after a disappointing earnings report from the luxury-goods maker.

What markets are doing: The FTSE 100 index lost 0.2% to 7,515.04, as basic material, industrial and consumer-related shares. But the financial and health care sectors were higher. On Wednesday, the benchmark fell 0.2%.

The pound fell to $1.3105, down from $1.3117 late Wednesday in New York.

What's moving markets: A widely watched survey on U.K. house prices showed slowing growth in October compared with September. The Royal Institution of Chartered Surveyors said its monthly house price balance dropped 5 points, to plus 1 in October, below a Wall Street Journal consensus estimate of a reading of plus 3.

"The combination of the increased cost of moving, a lack of fresh stock coming to the market, uncertainly over the political climate and now an interest rate hike appears to be taking its toll on activity in the housing market," said Simon Rubinsohn, RICS's chief economist.

Retailers were back in focus, with earnings reports in from Burberry and grocery-chain operator J Sainsbury PLC.

Stock movers: Burberry shares (>> Burberry Group) (>> Burberry Group) sank 11%, the worst drop since September 2012, according to FactSet data, after the company warned that it doesn't expect sales growth until fiscal 2021 . It also said it will sharpen its focus on the high-end market in part as it aims for high-single digit revenue growth and "meaningful operating margin expansion".

"By re-energizing our product and customer experience to establish our position firmly in luxury, we will play in the most rewarding, enduring segment of the market," said Burberry's Chief Executive Marco Gobbetti.

Shares of home builders were lower after the RICS survey. Persimmon (>> Persimmon) and Barratt Developments PLC (>> Barratt Developments) each flopped down 2.7% and Taylor Wimpey PLC (>> Taylor Wimpey) gave up 2.4%.

Shares of Sainsbury (>> J Sainsbury) (>> J Sainsbury) were off 2.8%, with the company cutting its dividend after reporting a 41% decrease in pretax profit for the first half of the year.

AstraZeneca PLC (>> AstraZeneca) (>> AstraZeneca) rose 1.9% as the drugmaker said third-quarter operating profit 12% to $1.15 billion , boosted by a one-off tax benefit. But product sales fell 3% stemming from the loss of the company's exclusivity on Crestor and Seroquel.

Hikma Pharmaceuticals PLC (>> Hikma Pharmaceuticals) (>> Hikma Pharmaceuticals) was pulled down 7% as the company cut its guidance for its generics unit for a third time.

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Technical analysis trends FTSE 100
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Top / Flop FTSE 100
SKY 940 Delayed Quote.4.10%
KINGFISHER 307.3 Delayed Quote.2.40%
GKN 302.5 Delayed Quote.2.20%
HIKMA PHARMACEUTICALS 1041 Delayed Quote.1.96%
PROVIDENT FINANCIAL 915 Delayed Quote.1.67%
SHIRE 3678.5 Delayed Quote.-1.75%
SCOTTISH AND SOUTHERN ENERGY 1346 Delayed Quote.-2.39%
SEVERN TRENT 2092 Delayed Quote.-2.43%
MEDICLINIC INTERNATIONAL 555.5 Delayed Quote.-3.98%
UNITED UTILITIES 798 Delayed Quote.-4.37%
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