U.K. Building Suppliers Hit as SIG Profit Warning Adds to Slowdown Concerns
- Merchant sinks most in decade after warning, peers also fall
- Update follows weaker sector data amid Brexit uncertainty
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Shares of U.K. construction suppliers slid after a profit warning from SIG Plc provided the latest sign of a weakening industry outlook amid concern over slowing growth and Brexit.
The vendor of roofing materials, insulation products and partition walls saw its stock plunge as much as 27%, the most in a decade, after saying that adjusted profit would be below previous expectations as “political and macro-economic uncertainty” contributed to a further weakening in trading conditions.