20 October 2023 , 09:25
798
0
The UK's top stock index, the FTSE 100, has taken a tumble, slipping below the 7,500 mark. This comes after two days of losses and ongoing worries about conflict in the Middle East.
Rentokil, a pest control group, saw the biggest drop with shares falling by more than 16%. This was due to a warning that its performance in North America would be lower than expected this year because of less demand.
Mondi, a packaging and paper giant, also saw a decrease in its share price by over 6%. The company told investors that its earnings were lower in the latest quarter compared to the three months before, blaming the fall on subdued demand.
The FTSE 250, which is made up of firms more focused on the UK, hit a one-year low after losing more than 190 points.
Global stocks were also heading downwards on Thursday as investors remain nervous about tensions in the Middle East, particularly the escalating Israel-Hamas conflict.
Jake Paul calls on John Fury to make retirement bet for fight with son Tommy
Germany's Dax fell by 0.33% and France's Cac dropped by 0.64%.
In the US, the S&P 500 and Dow Jones both edged lower by about 0.1% by the time European markets closed.
The pound gained ground against the US dollar, moving 0.3% higher to 1.218. However, it fell 0.3% against the euro to 1.1486.
In business news, Rightmove's shares took a hit after Co-star announced it was buying rival property portal OnTheMarket for £99 million. OnTheMarket said the deal will help speed up its "transformation" of the sector, with the group said to be hoping it will help it take on the might of larger rivals Rightmove and Zoopla.
Shares in Rightmove fell by 14.3% at close, amid wider concerns over waning confidence in the property market as mortgage costs rise.
On a brighter note, Deliveroo said its sales rose over the third quarter thanks to a stronger performance in the UK and Ireland and as order numbers begin to recover.
The company, which has previously been affected by a squeeze in household budgets, said it was making progress in promoting value meals within the food delivery app. Its share price slipped by just 0.1% at close.
The biggest risers on the FTSE 100 were Spirax-Sarco, up 196p to 8,384p, Admiral Group, up 58p to 2,489p, London Stock Exchange, up 152p to 8,226p, Halma, up 16.5p to 1,860.5p, and Weir Group, up 12.5p to 1,775p.
The biggest fallers on the FTSE 100 were Rentokil, down 110.9p to 483.9p, Rightmove, down 82.2p to 493.2p, Mondi, down 81p to 1,252p, Hargreaves Lansdown, down 44.6p to 692.2p, and Unite Group, down 35p to 858.5p.
* An AI tool was used to add an extra layer to the editing process for this story. You can report any errors to [email protected]
Loved-up Brits can now marry in Las Vegas style express weddings - but in Dubai