Britain's FTSE fails to rebound after trade war sell-off

  • Reuters
  • Stock Market News
Britain's FTSE fails to rebound after trade war sell-off
Credit: © Reuters.

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* FTSE 100 up 0.2 pct

* Inmarsat falls after Eutelsat decides not to bid

* Carpetright dips after FY loss

By Julien Ponthus

LONDON, June 26 (Reuters) - UK shares opened in only slightly positive territory on Tuesday, failing to recoup losses from the previous session when fears of a full-blown trade war between the United States and the rest of the world led them to their worst performance since February.

At 0748 GMT, the FTSE 100 .FTSE was up 0.23 percent after a 2.2 percent loss on Monday.

While most European bourses are back in the black despite losses in Asia and on Wall Street, Jasper Lawler, head of research at London Capital Group, argued that with trade tensions persisting there is no reason for sentiment to shift.

"With no change to fundamentals, there is little hope that this is anything more than a mere dead cat bounce", Lawler wrote.

The sectors which weighed the most on the FTSE during Monday's sell-off provided some support in early trading with financials, oil majors and miners accounting for most of the gains.

Among individual stocks, cruise company Carnival CCL.L posted the best performance, up 3.8 percent after its shares plunged during the previous session after it cut profit targets. ISA.L dropped over seven percent after Eutelsat ETL.PA said it did not intend to make an offer for the British group, just a day after the French satellite group said it was considering going head-to-head with EchoStar in a battle for the British company.

Oilfield services firm Petrofac PFC.L lost 1.5 percent after it reported a 5.9 percent increase in new order intake and said it was trading in line with expectations, helped by higher demand.

Among small stocks, struggling British floor coverings retailer Carpetright CPRC.L fell 2.3 percent after it reported a loss for 2017-18.

(Julien Ponthus)

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