FTSE 100 slips to one-month low as miners fall after China boost fades
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Updated at 1550 GMT
Vistry plunges after lowering annual profit forecast
Imperial Brands jumps on bumper growth forecast
FTSE 100 down 1.4%, FTSE 250 off 1.1%
By Shubham Batra
Oct 8 (Reuters) -Britain's benchmark FTSE 100 recorded its worst day in two months on Tuesday led by losses in miners after China refrained fromspecifying measures to stimulate its economy, while homebuilder Vistry dropped after cutting its annual profit outlook.
The blue-chip index FTSE 100 .FTSE dropped1.4%, hitting a one-month low, while the midcap index FTSE 250 .FTMC fell 1.1%.
Most sectors in the FTSE 350 were trading in the red, driven by industrial metal miners .FTNMX551020 that slipped over 5% as prices of base metals fell after initial optimism over top consumer China's stimulus measures faded. MET/L
Chinese officials disappointed markets by providing few details on plans to bolster China's slowing economy.
Other sectors such as banks .FTNMX301010 and energy .FTNMX601010 also saw heavy selling pressure, with the latter down 2.7%, tracking lower oil prices.
Shares of Vistry VTYV.L dropped 23% after the companycut its fiscal 2024 profit outlook by 80 million pounds ($104.7 million) after discovering one of its divisions had understated the cost of some of its developments.
The homebuilder dragged the household goods and home construction sector .FTNMX402020 down by 4.2% to a three-month low.
Crest Nicholson CRST.L, Bellway BWY.L, Persimmon PSN.L and Taylor Wimpey TW.L were down between 1.1%-6.5%.
Imperial Brands IMB.L was the top percentage gainer on the FTSE 100 with a 4.1% jump as it forecast growth of 20% to 30% in fiscal 2024 next generation products revenue and announced shareholder returns of 2.8 billion pounds.
Meanwhile, a survey showed British shoppers increased their spending moderately in annual terms last month despite industry concerns about tax rises in Finance Minister Rachel Reeves' upcoming budget and a looming rise in household energy bills.
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Reporting by Shubham Batra in Bengaluru; Editing by Mrigank Dhaniwala and Chris Reese
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