FTSE falls on rising Hong Kong tensions

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The FTSE 100 gave back most of the previous day's gains on Friday as investors prepared for US president Donald Trump to outline America's response to political tensions in Hong Kong that are further straining US-China relations.

At 1235, the UK's benchmark index fell 1.05%, or 65 points, to 6,153.21.

Trump was due to hold a news conference later on Friday.

LARGE AND MID CAP RISERS AND FALLERS

Gambling group Flutter Entertainment fell 1.89% to £104.10 after it raised £812m in a share placing with institutional investors. Retail investors were not able to participate and buy shares in the placing.

Pharma giant AstraZeneca added 2.44% to £89.10 after reporting positive trial results for a drug to treat non-small cell lung cancer.

Building products supplier SIG edged 0.36% higher to 28.1p after an earlier rally despite it swinging to a full-year loss and unveiling plans to raise £150m from a share issue.

SIG said investment manager Clayton, Dubilier & Rice had conditionally agreed to invest up to £85m in the company via the equity raising and take two board seats.

Textile services provider Johnson Service plunged 13.29% to 124p after it too detailed plans to raise equity, in its case about £85m through a discounted share placing.

General merchandise retailer B&M European Value Retail gained 5.33% to 389.1p as it reported strong revenue growth, driven by DIY and gardening categories.

B&M European Value Retail, however, said it did not expect the momentum to continue as lockdown measures ease.

Real estate investor TR Property Investment Trust gained 0.6% to 354.61p, even as lifted its divided on the back of a negative annual performance that nevertheless beat its benchmark.

The fund declared a final dividend of 8.8p per share, up 2.3% on-year, bringing total dividends for the year to 14p per share, up 3.7%.

Schroder Oriental Income Fund traded flat at 203p after it posted a negative first-half performance but bumped up its dividend, despite warning of more uncertainty ahead.

The fund declared two interim dividends for the first two quarters of the financial year amounting to 3.8p per share, up from 3.6p on-year.

Brewing and pub company Young & Co.'s Brewery shed 4.27% to £11.20 on announcing that it would not pay an interim dividend for its current financial year.

Smart meter installer Smart Metering Systems ticked 4% higher to 624p on announcing that it planned to commence a phased resumption of all non-essential field work from the beginning of June.

SMALL CAP RISERS AND FALLERS

Legal business DWF slumped 15.6% to 68.4p after it warned on profit and said chief executive Andrew Leaitherland had stood down, with immediate effect.

Outdoor advertising group Ocean Outdoor rallied 31% to $7.25, having secured a new £35m financing facility to help it ride out the Covid-19 storm.

Hostel company Safestay increased 6.67% to 16p despite having reported a full-year loss after a rise in revenue was offset by higher finance costs.

Safestay said it would open hostels in a staggered manner 'over the course of 2020, as and when we believe they can be profitable'.