Clarkson – the world’s largest ship broker – lost a fifth of its value yesterday as tariffs and war hit business.
Warning that the ‘geopolitical outlook remains uncertain’, chief executive Andi Case said ‘ongoing regional conflicts and trade tensions’ are hitting freight rates.
Clarkson also reported a 6 per cent increase in profits to a record £115.3million for 2024 and raised its dividend for a 22nd year in a row – by 7 per cent to 109p a share.
But the stock tumbled 21.7 per cent, or 955p, to 3455p. It was the biggest faller in the FTSE 250, which lost 1.3 per cent, or 253.94p, to 19875.18.
‘Clarkson looks to be a victim of Donald Trump’s trade war before it has got fully under way,’ said Russ Mould, investment director at broker AJ Bell. Large blue
chips were caught in the global sell-off, with engineering giant Rolls-Royce falling 8.6 per cent, or 68.6p, to 732.8p.
Choppy seas: Clarkson, led by chief exec Andi Case (pictured) lost a fifth of its value yesterday as tariffs and war hit business
Anglo American slid 5.2 per cent, or 124p, to 2257.5p and Antofagasta lost 4.1 per cent, or 76p, to 1768.5p while Barclays dropped 4.8 per cent, or 14.2p, to 284.55p and NatWest slumped 3.8 per cent, or 17.1p, to 438p as mining stocks and banks also suffered.
It was a miserable start to Cheltenham Festival week for Coral owner Entain, which wilted 8.6 per cent, or 62.4p, to 661.2p. The bookie will hope for better luck when the horseracing gets under way today.
Watches of Switzerland rose 2 per cent, or 9.2p, to 460.2p after launching a £25million share buyback programme.
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