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Home›Iron Prices›FTSE 100 Live May 09: Economic growth concerns fueled by Chinese data, Bitcoin price plummets

FTSE 100 Live May 09: Economic growth concerns fueled by Chinese data, Bitcoin price plummets

By Brian D. Smith
May 9, 2022
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Miners send FTSE 100 lower, Rightmove off 5%

Mining stocks and cryptocurrencies were among the casualties today as weaker Chinese trade numbers provided no respite from the recent risk flight.

China’s latest economic data has heightened fears over its Covid zero lockdown policies after factory closures and port disruptions helped slow export growth to 3.9% from the rise in 14.7% in March.

Commodity prices weakened as a result, dragging down 4% in iron ore-exposed stocks of Anglo American and Rio Tinto and Chilean copper miner Antofagasta.

Their performance meant the FTSE 100 fell 0.9% or 67.25 points to 7320.69, with tech companies once again in the firing line after concerns over the week’s US interest rate hike last.

There was also no respite for cryptocurrency holders after the price of Bitcoin fell to a three-month low below $34,000.

In London trading, shares of Rightmove fell 6% to their lowest level since June 2020 after the property portal announced that chief executive Peter Brooks-Johnson was due to step down in 2023 after 16 years with the company and five as boss.

Despite assurances that trading went as expected, leadership uncertainty weakened FTSE 100-listed shares from 29.6p to 529.2p. Other growth-oriented stocks, Entain and Scottish Mortgage Investment Trust, fell around 5%.

Investors took refuge in retail food, tobacco and utilities stocks, with shares of Sainsbury’s rising 1%, followed by British American Tobacco and National Grid.

Selling pressure was greatest in the FTSE 250 index, where Aston Martin Lagonda fell 7% on Chinese demand fears and Baillie Gifford’s US Growth Trust fell 9%. Ferrexpo, the Ukraine-based iron ore pellet producer, also fell 9% or 14.3p to 137.9p.

Only 16 stocks were in positive territory as the FTSE 250 weakened more than 2% or 394.63 points to 19,425.04. They included MoD technology provider Qinetiq with a 5% gain, while cybersecurity specialist NCC edged up 0.4p to 185.4p after forecasting stronger revenue momentum in the new financial year. .

He also announced that Mike Maddison, head of cybersecurity at EY, will replace Adam Palser as chief executive. Jefferies analysts hailed the “neat CEO change” with a price target of 300p.

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