By Carla Mozee, MarketWatch
U.K. stocks drop for second straight day
U.K. stocks drifted lower Thursday, with mining shares falling
after weaker-than-expected economic data from China, a major buyer
of commodities.
The benchmark FTSE 100 was off 0.1% at 7,020.70. The blue-chips
index on Wednesday finished lower by 0.5%
(http://www.marketwatch.com/story/ftse-100-gains-as-tesco-rolls-royce-move-higher-2015-04-22).
The biggest decliner on Thursday was WPP PLC , with shares down
1.1%. The advertising firm said it's reviewing its forecasts and
cautioned that clients remained focused on cost-cutting
(http://www.marketwatch.com/story/wpp-reviews-forecasts-as-revenue-rises-2015-04-23-248589).
WPP said revenue rose in the first quarter, by 8.3% in sterling
terms.
Some mining shares were under pressure after a closely watched
HSBC survey showed manufacturing activity in China fell to a
one-year low of 49.2 in April
(http://www.marketwatch.com/story/china-hsbc-manufacturing-pmi-falls-to-one-year-low-2015-04-22).
That compared with a final reading of 49.6 in March. Shares of
precious-metals producer Fresnillo PLC fell 1.6%, Anglo American
PLC lost 0.8%, Randgold Resources Ltd. slipped 0.2% and iron-ore
heavyweight BHP Billiton PLC (BHP) gave up 0.4%.
Elsewhere, home-builder Taylor Wimpey said in a trading update
that it saw a 14% rise in the average selling price of homes
(http://www.marketwatch.com/story/taylor-wimpey-posts-strong-sales-reservations-up-2015-04-23).
The company also said uncertainty surrounding the outcome of the
May 7 general election "has not impacted customer confidence, and
underlying demand remains high." Shares turned lower by 0.9%.
Advancers included supermarket chain Tesco PLC , up 1.2%
following Wednesday's 5.2% slide in the wake of its massive
full-year loss
(http://www.marketwatch.com/story/tesco-posts-biggest-ever-loss-after-turbulent-year-2015-04-22).
Shares of Meggitt PLC rose 0.9% after a first-quarter trading
update from the aerospace, defense and energy group.
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