StockMarketWire.com - The stocks were on the back foot at midday as earlier gains chalked-up at the start of Monday trading were wiped out by growing concerns about global growth heightened by civil unrest in Hong Kong, offsetting Chines moves to further stabilise its currency, cooling trade war fears.

The UK's benchmark FTSE 100, which started the day 0.6% higher, was down around 35 points at 12:00pm at 7,219.67.

LARGER COMPANY MOVERS

Power utility SSE rose 0.5% to £10.995 after confirming speculation that it was in talks to potentially sell its retail business to Bristol-based energy supplier Ovo.

Aero-engine maker Rolls-Royce is among the biggest fallers, down 3.5% at 753.2p, after rep[orts emerged that fragments of an engine fell from a Norwegian Boeing 787 Dreamliner near Rome, Italy. Rolls-Royce's Trent 1000 engine powers the Boeing 787 Dreamliner. Struggling travel company Thomas Cook slumped 16% to 8.1p after it announced that it was negotiating a further £150m capital injection with its debt holders.

The funding would come in addition to a previously-planned £750m recapitalisation announced last month involving China's Fosun that would significantly dilute existing shareholders.

Tullow Oil rallied 17% to 210p on announcing that it had discovered oil off the coast of Guyana, potentially at a quantity exceeding its expectations.

ELSEWHERE ON THE MARKET

Litigation financing specialist Burford Capital, hammered last week by a critical research note by Muddy Waters, eased around 2% to 835p, as it levelled an allegation of market manipulation in the trading of its shares.

Advertising company M&C Saatchi sank 22% to 264p on revealing that it would take a £6.4m charge in its upcoming annual results due to accounting errors.

Shipping services provider Clarkson added 1.6% to £24.85 after a strong performance in its broking division boosted half-yearly profits, despite severe seaborne trade disruptions weighing on the freight market.

Goals Soccer Centres confirmed media reports that suggested two former executives were part of a current investigations into fraudulent activity at the company. Its shares are suspended from trading at 27.2p.

Fishing tackle retailer Angling Direct fell 1.4% to 75p, even as it reported a 15% rise in first-half like-for-like sales.

Advertising company S4 Capital gained 1.4% to 144.5p on announcing that it had acquired Dutch marketing group IMA, for an undisclosed sum, and would merge it with its Media Monks digital agency.

Payments company Mi-Pay crashed 21% to 7.5p on warning that its annual earnings would fall short of current market expectations. In addition, the company also said that it could be about to lose a client that accounted for 13% of its revenue in 2018.

Software and services provider to the education market Tribal drifted 4.5% to 70.5p as it reported a cyber security breach at its operations in Australia.


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