StockMarketWire.com - UK stocks slumped 1.6% in early trading on Monday, extending heavy losses on Friday, as concerns about rising trade tensions between the US and China continue to rock global markets.

At 0855, the benchmark FTSE 100 index was down 116.14 points at 7.290.92.

HBSC fell 0.9% to 640.2p as it surprised the market by announcing that chief executive John Flint was leaving after just 18 months in the job.

The lender said a change at the top was needed to meet the challenges it faced. It also booked a 16% rise in first-half profit and launched a $1bn share buyback.

Wealth manager Quilter fell 0.7% to 139.05p as it agreed to sell its life insurance and pensions division to ReAssure for £425m, while also reporting a first-half loss.

EasyHotel was one of the few market gainers, jumping 34% to 94.33p on news that it had agreed to be acquired by Canadian real-estate fund Cadim Fonds and Luxembourg’s ICAMAP Investments for £138.7m, or 95p per share.

Advertising group WPP fell 2.2% to 916.4p, as it announced that it had merged a number of its business units to simplify the company.

Online grocery retailer Ocado slipped 3.9% to 1,161.5p, despite announcing that it had completed the planned £750m sale of its delivery business to Marks & Spencer, first announced in February.

Ocado confirmed the business would not sell M&S products until 1 September 2020, unless a current arrangements with Waitrose was terminated sooner.

Just Eat fell 1.4% to 726.31p on announcing that it had agreed the terms of its planned £8.4bn takeover by Takeaway.com, the details of which were announced last month.

Engineering company Senior shed 1.4% to 195p as it booked a lower first-half profit owing to acquisition costs and a loss on an asset sale.

Underlying profit growth was limited to 4% after the company's aerospace division were impacted by the grounding of Boeing's 737 MAX aircraft.

BBA Aviation shed 3.3% to 304.45p after higher debt costs offset rising revenue to push its half-year adjusted profit 2% lower.

Cruise port operator Global Ports dropped 1.4% to 365p, as it warned of low sing-digit annual earnings growth amid a weak third-quarter performance.

Oil explorer Petro Matad fell 12% to 6.95p as it revealed that it had postponed the drilling of a well in Mongolia, after a provincial government challenged its land-use rights.

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