London’s stock market fell on Friday, after disappointing Chinese and German data reaffirmed fears of a global economic slowdown.
GVC Holdings PLC tumbled 17% after top executives sold sizable stakes in the gambling group.
How are markets performing?
The U.K.’s FTSE 100 UKX, -0.68% tumbled 0.8% to 7,103.59, after finishing down 0.5% on Thursday.
The pound GBPUSD, -0.2064% was up, reversing some of its recent losses, fetching $1.3095 from $1.3083 late on Thursday evening in New York.
What’s driving the markets?
Poor economic data from both China and Germany cast a dark cloud over global markets on Friday. China’s exports fell almost 21% in February, while German factory data revealed a 2.6% decline in January.
This all comes a day after the European Central Bank cut its growth forecast for the eurozone and announced new stimulus measures for the lagging economy.
What stocks are active?
GVC Holdings PLC GVC, -12.21% plunged 17% after top executives sold substantial stakes in the gambling group.
“There is a widely used phrase in investing that says ‘follow the money’. In GVC’s case, shareholders are following this advice to the letter as the gambling company’s share price dives amid news of hefty share sales by directors,” Russ Mould, investment director at AJ Bell said in a client note.
“Chief executive Kenneth Alexander has sold £13.7m worth of stock and Chairman Lee Feldman has dumped nearly £6m of his personal holding. Investors are clearly spooked by this news and are also selling down,” Mould continued.
In sympathy, fellow gambling company Paddy Power Betfair PLC PPB, -1.06% fell 3%.
Heavyweight miner Antofagasta PLC ANTO, -4.53% lost 3%, while Fresnillo PLC FRES, +2.71% added 2%.
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