This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-33858875
The article has changed 3 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
FTSE 100 falls as yuan devaluation hits miners and Burberry | |
(about 3 hours later) | |
(Noon): The UK market was lower by midday, with shares in mining firms and fashion house Burberry down following China's devaluation of the yuan. | |
The surprise devaluation is set to make imports into China more expensive, hitting companies such as Burberry, for which China is a major market. | The surprise devaluation is set to make imports into China more expensive, hitting companies such as Burberry, for which China is a major market. |
Burberry shares fell 2.7% and the FTSE 100 dropped 51.27 points to 6,684.95. | |
Among mining companies, for which China is also a key market, BHP Billiton fell 3.3% while Glencore was 2.5% lower. | |
However, miners of precious metals saw their shares rise after the gold price hit a three-week high. | |
Randgold Resources was the top riser in the FTSE 100, climbing 2.8%, while Fresnillo was 2.5% higher. | |
In the FTSE 250, shares in Serco reversed earlier gains to stand down 1.1%, after the outsourcing group said revenues in the first six months of the year fell to £1.8bn from £2bn a year earlier. | |
Serco is attempting to revive its fortunes following problems with a number of failed contracts, including a scandal over tagging criminals. | |
Shares in Just Retirement Group rose at first but then fell back to stand 1.7% lower after the company announced it had agreed to buy rival Partnership Assurance for £669m. | |
On the currency markets, the pound fell 0.1% against the dollar to $1.5576, and was down 0.2% against the euro at €1.4121. |