One of the worst sessions of the year on Wall Street spooked investors on this side of the Atlantic today, driving the FTSE 100 Index more than 1% lower.
The Footsie closed 1.4% or 85 points lower at 5,797.9, reflecting uncertainty over the outcome of the looming US presidential election and economic concerns that had earlier led to a near-2% slide in New York. A profit from fashion company Mulberry only added to the City gloom.
Mulberry said annual profits would be below last year due to a decline in wholesale shipments and a more challenging environment in Asia.
Its shares peaked at £25.00 in the summer but are now just one-third of that after falling by 23%, or £3.04 to £10.16 today, despite new chief executive Bruno Guillon insisting the firm was on track to become a global luxury brand.
Shares in rival fashion brand Burberry were 38p lower at £11.34.
Premier Inn and Costa coffee chain Whitbread fell 18p to £23.05 as an 11% rise in half-year profits was offset by a warning that hotels sales growth will slow in the second half of the year.
ARM Holdings was one of just two risers in the top flight after third-quarter results showing better-than-expected profits helped trigger an 8% rise in the chip designer’s share price. The stock was 45.5p higher at £6.40.
Trinity Mirror slumped 10%, or 7p to 64.8p, after it emerged four high-profile individuals had issued High Court claims over hacking relating to the company’s national newspapers.
Premier Foods rose 6%, or 5p to 84p after the food firm’s eight frontline brands, including Mr Kipling, Bisto, Ambrosia and Loyd Grossman sauces, delivered a 2% sales lift in the three months to September 30.
Mark Ireland, of investment manager and financial planning specialist Brewin Dolphin in Inverness, noted Plexus Holdings gaining 4.7% to 187.6p, Parkmead Group up 2.6% at 13.8p and STV Group rising 0.8% to 93.8p.
Johnston Press was off 8.1% at 10p, Weir Group fell 4.1% to £17.05 and Wood Group slid 2.6% to £8.38.