FTSE Close: Stocks mixed as gloomy China outlook weighs

Mid-cap gainers defy China woes weighing down FTSE miners; tinyBuild hammered by revenue warning amid bleak October trading

Mark Rogers

Mark Rogers

This news article is older than 30 days.

London equities finished Tuesday’s session on diverging footing, with the export-heavy FTSE 100 tripped up by downbeat China news while mid-caps marched higher thanks to upbeat earnings.

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The FTSE 100 dipped 0.3% to finish at 7,489.84, burdened by mining names after Moody’s downgraded the outlook on China’s credit rating to “negative” from “stable” amid surging mainland debt piles. The warning saw miners Fresnillo, Anglo American and Antofagasta shed over 2% apiece. Ashtead declined 3.8% even as the industrial equipment rental firm lifted interim profit 5%.

Outperforming was the mid-cap FTSE 250, which added 0.7% to hit 18,487.53. Electronic components designer and manufacturer discoverIE rallied 16% as rising profit and dividends impressed, while SSP – operator of travel food and beverage outlets – climbed 6.4% after swinging to profit and restoring payouts.

Among smal-caps, video game developer tinyBuild nosedived 49% after cautioning full-year revenue would likely drop given an “unusually weak” October trading period. The warning raises doubts about whether tinyBuild can achieve the $52.2 million revenue haul it managed last year.

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