Source: Sharecast
Companies heavily exposed to the Chinese economic outlook were under the most pressure, on the back of fears that the debt crisis happening in its property sector may spill over to the wider financial industry. Tensions rose after property developer Evergrande filed for chapter 15 bankruptcy in New York.
Mining stocks like Antofagasta and Anglo American were trading lower, along with luxury group, Burberry and insurer Prudential.
A disappearance of risk appetite was attracting investors to defensive sectors like utilities, insurers and tobacco. British American Tobacco and Imperial Brands were posting small gains, along with SSE and National Grid.
Retailers were also outperforming the wider market due to their defensive attributes, albeit mostly with mild losses, though Tesco was the only one trading higher. Sector peer B&M European Value Retail however pulled back as investors took profits after recent gains. The stock had jumped earlier in the week on the back of rumours that it had made a bid for struggling rival Wilko, which fell into administration last week.
Aviva was more or less flat despite the wider sell-off after the insurer’s interim results on Wednesday impressed the market. Broker Berenberg refreshed its estimates for the company on Friday following the results, lifting its target price on the stock from 481p to 493p – indicating huge upside potential from the current 382p level.
FTSE 100 - Risers
British American Tobacco (BATS) 2,521.50p 1.39%
Tesco (TSCO) 248.70p 0.89%
BAE Systems (BA.) 960.00p 0.44%
National Grid (NG.) 949.80p 0.36%
Sage Group (SGE) 941.20p 0.30%
Imperial Brands (IMB) 1,756.50p 0.29%
WPP (WPP) 739.60p 0.24%
SSE (SSE) 1,581.00p 0.22%
FTSE 100 - Fallers
Airtel Africa (AAF) 108.70p -4.40%
RS Group (RS1) 695.40p -3.68%
Antofagasta (ANTO) 1,371.00p -3.62%
Prudential (PRU) 944.80p -3.41%
JD Sports Fashion (JD.) 148.70p -3.06%
Abrdn (ABDN) 161.40p -2.71%
Frasers Group (FRAS) 790.00p -2.65%
Melrose Industries (MRO) 491.00p -2.42%
Anglo American (AAL) 1,960.60p -2.38%
Ashtead Group (AHT) 5,308.00p -2.35%