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Ashtead Group’s downbeat outlook drags FTSE 100 lower

UK’s FTSE 100 began the week on a negative footing on Monday as shares of equipment rental firm Ashtead Group plunged nearly 14% on downbeat annual profit outlook.

The commodity-heavy FTSE 100 fell 0.4% in early trade, while the mid-cap index slipped 0.1%. Last week, both the FTSE indexes had posted steep gains on expectations that the interest rates have peaked.

Shares of Ashtead Group plunged nearly 14% after the firm said its annual profit would come in below market expectations as lower emergency response activity dragged its US business and the company expects to take a more than $2 billion depreciation charge for the year.

Limiting losses in the benchmark index, energy stocks climbed 0.3% tracking oil prices.

Shares of refurbished consumer technology firm musicMagpie surged 28% after the firm said it was in early-stage talks with BT Group and Aurelius Group regarding a possible offer to buy the British online retailer of used smartphones and electronic products. Reuters

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