Shares of Marks & Spencer and Pearson Lead Losses, Sending FTSE 100 Sharply Lower

Jul, 11th 08:57

U.K. shares fell sharply on Tuesday, driven lower by shares of consumer goods and heath care companies. Those losses encountered small gains of basic material, utility and financial stocks.

The FTSE 100 index plunged by more than 0.55 percent to trade around 7328.00 in European morning session. Leading the list of losers, shares Pearson PLC tumbled in the wake of a $1 billion stake-selling deal. The publishing and education company witnessed its shares lose nearly 2.5 percent after it sold 22% stake in Penguin Random House for $1 billion to Bertelsmann SE – a German media company.

Contributing to weighting down the overall performance, shares of Marks & Spencer were also on a sharp downtrend. Equities of the department-store operator dropped nearly 2.3 percent following reports showed fiscal first-quarter 2018 like-for-like sales in the U.K. fell 0.5%.

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Shares of Marks & Spencer and Pearson Lead Losses, Sending FTSE 100 Sharply Lower