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London stocks start week lower; Aston Martin tumbles

London stocks start week lower; Aston Martin tumbles

FILE PHOTO: Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File photo

The UK shares started the week on a lower note, as gains in commodity stocks were offset by a sell-off in Aston Martin, as the carmaker tumbled to the bottom of mid-cap stocks following a profit warning.

Both the FTSE 100 index and the domestically-focused FTSE 250 midcap index dipped 0.1% by 0715 GMT.

The blue-chip FTSE 100 is poised for its first monthly loss in three months but is on track to secure its fifth consecutive quarter of gains. In contrast, the FTSE 250 is set to report a rise for September.

Aston Martin warned of lower annual core profit and said it no longer expects to achieve positive free cash flow in the first half, citing supply chain disruptions and weakness in China. The luxury carmaker slipped 12.5%, taking the broader automobiles and parts index 3.8% lower.

Rightmove rejected a sweetened $8.29 billion takeover proposal from Australian property listing firm REA Group, citing undervaluation. The real estate portal lost 4%.

Industrial metal miners climbed 2% while the heavyweight oil and gas shares added 1.1%, as prices of most commodities gained on increased demand prospects.

Meanwhile, survey showed British business confidence ebbed slightly this month after reaching an eight-year high in July and August, as concerns about the broader economic outlook rose to a six-month high.

British house prices rose by a higher-than-expected 0.7% in September from August, with the annual growth rate hitting 3.2%, the fastest pace since November 2022.

(Reporting by Khushi Singh in Bengaluru)

 

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