Trade friction halts FTSE rally, Pendragon tanks on profit alert

  • Reuters
  • Stock Market News
Trade friction halts FTSE rally, Pendragon tanks on profit alert
Credit: © Reuters.

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* FTSE 100 down 0.3%, FTSE 250 down 0.2%

* Financials, exporters drag on main index

* Pendragon tanks to >6 yr low after profit warning

* Boohoo down as gross margin contracts slightly

June 12 (Reuters) - London's main stock market index eased on Wednesday as the latest exchange of blows between Washington and Beijing kept investors on edge about the risks to global growth, while small-cap car dealership chain Pendragon sank after a profit alert.

The FTSE 100 .FTSE retreated from a seven-day winning streak to fall 0.3% while the mid-cap FTSE 250 .FTMC was 0.2% by 0715 GMT. They are up almost 3% so far this month, undoing most of the impact of a global slide in stock markets in May.

Heavyweight financial stocks were the biggest drags on the blue chip index, while companies with more international exposure such as British American Tobacco (JO: SNHJ ) BATS.L and Reckitt Benckiser RB.L fell.

Pendragon PDG.L tumbled 19% to a more than six-year low as it warned that significant declines in new car and used car registrations would lead it to report a pre-tax loss for the current year. fashion group Boohoo BOOH.L , operating in a tough retail market that saw hits to fashion retailer Ted Baker TED.L and fast fashion chain Quiz Plc QUIZ.L on Tuesday, slipped 5% despite posting robust quarterly sales growth.

Traders said the move may have been spurred by a small contraction in the company's gross margin for the quarter.

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