China fears hit FTSE; Randgold tumbles on Mali coup

Shares in gold mining company Randgold Resources (RRS.L) tumble after Mali rebels claim to have ousted regime in coup.

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by Chris Marshall on Mar 22, 2012 at 08:53

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There was better news from the world’s third-largest economy, Japan, with a return to surplus after the economy posted a trade deficit in January. Chris Scicluna of Daiwa Capital Markets commented: ‘Exports have now probably bottomed, with a gradual recovery likely over coming months, not least on the back of the weaker yen.’

Of other potentially market moving economic data to be published today, in the eurozone the first estimate of the March manufacturing and services PMIs are to be published, together with consumer confidence figures for the euro area. In the US weekly jobless claims numbers and a home price index will be published.

FTSE movers

Shares in Aberdeen Asset Management (ADN.L) topped the FTSE 100 leader board, up 2.2p or 0.89% to 249p, after analysts at UBS gave the company a ‘buy’ rating.

Amec (AMEC.L), an engineering and project management company, was among the biggest losers, with shares dropping 23p or 2% to £11.20.

B&Q owner Kingfisher (KGF.L) was also lower, despite announcing that it beat forecasts with a 20% rise in annual profit. Seymour Pierce, which has a ‘buy’ recommendation on the company, raised the company’s price target with analyst Freddie George saying: ‘Although there are consumer demand issues in the company’s two core markets, the stock, in our view, remains undervalued and we are becoming more positive on ‘big ticket’ spending because of pent-up demand.’

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