So much for the big stock market comeback. Another day, another sea of red on the market. Asian equities were firmly in the doldrums including a near-2% decline in Hong Kong’s Hang Seng index.
Electric vehicle maker NIO slumped by 12% after being accused by Grizzly Research of playing games with its accounting. The car company fought back, saying the report was full of errors, unsupported speculations and misleading conclusions.
The FTSE 100 fell 0.4% to 7,297, dragged down by weakness in big consumer names such as Diageo and Unilever, while some of the miners and telecom stocks were also out of favour.
AJ Bell’s Russ Mould said: “Moonpig’s results failed to win over the market despite its confidence in raising profit margins thanks to the acquisition of Buyagift.
“Bucking the negative share price trend was car retailer Lookers which said it had outperformed a falling market and raised profit expectations. That might come as a surprise given concerns about consumers pulling back on big ticket items such as cars, sofas and fancy electronics.”