Britain's FTSE falters as China data hits miners, Worldpay plunges

LONDON: Britain's top stock market index fell on Tuesday as shares in payments processing company Worldpay Group plunged and big mining companies came under pressure in response to weak data from China, the world's biggest consumer of metals.

The blue-chip FTSE 100 index was down 0.4 percent at 6,155.64 points by 1232 GMT, in line with the broader European market. Worldpay Group, down 9.9 percent, was the biggest faller in the index and on course for its biggest daily loss since listing in October 2015 after results disappointed investors.

Despite reporting an 8 percent gain in full year underlying core earning, investors were concerned by the company's decision not to pay a dividend.

"The company recommended not paying a dividend for 2015 ... leaving investors with little appetite to invest today," Ipek Ozkardeskaya, market analyst at London Capital Group, said in a note.

The FTSE is down by around 2 percent since the start of 2016 and around 14 percent below a record high reached in April 2015, as expectations of a slowdown in China have weighed on world stock markets.

Data on Tuesday showed that China's February trade performance was worse than economists had expected.

Chinese exports tumbled the most in over six years, days after world leaders sought to reassure investors that the outlook for China's economy is solid. "Global markets have been rattled by the sharp decline in China's exports which reinforced the lingering concerns over the slowing pace of growth in the world's second largest economy," FXTM research analyst Lukman Otunuga said.

Mining stocks were particularly weak, given China's role as a major consumer of metals.

BHP Billiton, Antofagasta, Anglo American and Glencore dropped between 4.5 percent and 8.2 percent.

But Burberry surged 6.3 percent after the Financial Times reported that the luxury goods group had sought help to fight off a possible takeover bid.

The company is attempting to identify a mystery investor who has built up a stake of nearly 5 percent in the group.

"Burberry could amount to a prize acquisition for what we would regard as its 'ideal' buyer: one with the longest possible horizon with respect to (Burberry's) largest non-domestic markets," Ken Odeluga, market analyst at City Index, said.

UK supermarket group Tesco was also among the top risers, up 2.3 percent and hitting its highest level in almost 5 months after industry data showed that the rate of its sales decline shrank.