London stocks extend losses, ASOS touches over 2-month low

London stocks extended declines from the previous session on Tuesday as worries of tighter macro conditions dampened sentiment, while fashion retailer ASOS hit a more than two-month low after reporting grim results and outlook. ASOS fell 1.5% as the online fashion retailer reported a 15% decline in fourth-quarter sales and said second-half earnings were expected to be around the bottom of its guided range.

London stocks extended declines from the previous session on Tuesday as worries of tighter macro conditions dampened sentiment, while fashion retailer ASOS hit a more than two-month low after reporting grim results and outlook.

ASOS fell 1.5% as the online fashion retailer reported a 15% decline in fourth-quarter sales and said second-half earnings were expected to be around the bottom of its guided range. Broadly, the internationally-focused FTSE 100 dipped 0.1% as worries about interest rates staying elevated for longer lingered.

The more domestically-oriented FTSE 250 shed 0.4%, weighed down by a 4.3% loss in Close Brothers. The banking firm said its financial results for the full year were significantly impacted by provisions in relation to Novitas. In a bright spot, A.G. Barr added 2.7% after the Irn-Bru maker posted a rise in its first-half profit, helped by strong demand for its cocktail mixes, soft drinks and price hikes of its products.