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Compass drop weighs on FTSE, trade hopes soften blow

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By Reuters
Compass drop weighs on FTSE, trade hopes soften blow
FILE PHOTO: A broker looks at financial information on computer screens on the IG Index trading floor in London, Britain February 6, 2018. REUTERS/Simon Dawson   -   Copyright  SIMON DAWSON(Reuters)

(Reuters) – London’s main index edged lower on Tuesday as a near 7% slide in catering firm Compass Group offset gains in miners that were driven by hopes of a resolution to the U.S.-China trade dispute.

The FTSE 100 <.FTSE> gave up 0.1%, with Compass <CPG.L> tracking its worst day since July 2014 after the company said deteriorating business and consumer confidence hit performance in Europe. The FTSE 250 <.FTMC> was roughly flat.

Losses were contained as hopes that the Sino-U.S. trade dispute could end soon gained traction after top negotiators from Washington and Beijing held a phone call to try and hammer out a preliminary “phase one” deal.

Small-cap De La Rue <DLAR.L>, which last month hit its lowest level in over two decades after a profit warning, plummeted 16% after suspending its dividend and posting a near 90% plunge in first half adjusted operating profit.

(Reporting by Shashwat Awasthi and Safia Infant in Bengaluru; Editing by Shounak Dasgupta)