FTSE 100 falls lower as housing stocks slump
The London markets extended their losses, on the back of slumps across housing and travel stocks.
The FTSE 100 closed the trading session down 37.74 points at 7,310.88 points.
Disappointing Rightmove housing data, which showed a weakening of house prices in May, pulled down the likes of Barratt, Taylor Wimpey and Berkeley.
Fiona Cincotta, senior market analyst at City Index, said: “Housebuilders and travel stocks dominated the lower reaches.
“With Brexit uncertainty remaining elevated it’s difficult to see house demand and therefore prices moving higher in the near term.”
Stocks across Europe plummeted on Monday, as investors again once again became spooked over US-Chinese trade tensions
The FTSE 100 fell less than its European counterparts thanks to cushioning from the low value of the pound and a rally in oil prices.
The German Dax slumped by 1.61% and the French CAC fell by 1.46%.
The pound rebounded slightly after its recently plunge in value, rising on the back of Prime Minister Theresa May’s optimism about getting her latest Brexit deal over the line.
The pound rose 0.04% to 1.272 versus the US dollar and slipped 0.02% to 1.139 versus the euro.
In stocks, Estate agent Foxtons saw shares dive after it said there was no improvement to a “very challenging” London property market in recent trading, as buyers are put off by Brexit uncertainty.
It came as the London-listed company reported revenue of £23.8 million for the three months to March 31, down from £24.5 million this time last year.
Shares in Foxtons, which reported a decline in sales revenue from £8.2 million to £7.1 million in the period, fell by 2.8p to 57.2p.
Shares in Ryanair slid after the airline unveiled a hit to profits amid turbulence in the aviation industry.
The group’s full year profits have fallen 29% to 1.02 billion euros (£890 million), while it also reported a decline in fares of 6% in the year to March 31 2019.
Shares in the budget airline were down 0.51 euros at 10.29 euros.
Elsewhere, City Pub Group rose marginally after sales jumped by more than a third since the start of the year.
The pub operator, which owns 45 sites, reported a 35% surge in sales for the 19 weeks to May 12 2019, as it was buoyed by new openings.
Its shares were up by 1.5p at 229p at the close of trading.
Shares in Low & Bonar dropped after the firm warned of a hit to its full-year performance and said its boss is to step down.
The building materials company announced the departure of chief executive Philip de Klerk on Monday, after the board decided a “change of leadership” was required.
Share in Low & Bonar were down 3.5p at 10.9p.
The price of oil has risen after Saudi Arabia suggested that OPEC is likely to maintain its production cuts.
The price of a barrel of Brent crude oil rose by 0.1% to 72.1 US dollars.
The biggest risers on the FTSE 100 were Vodafone Group, up 2.1p at 126.4p, Imperial Brands, up 25.5p at 2,187.5p, Evraz, up 6.6p at 575.6p, and Fresnillo, up 6.2p at 737.2p.
The biggest fallers on the FTSE 100 were Coca-Cola HBC, down 192p at 2,672p, Tui, down 53.2p at 775p, Barratt Developments, down 26.8p at 586.8p, and Taylor Wimpey, up 6.1p at 171.5p.