Global stocks were shaken by Apple’s decision to slash its revenue forecast for the first time in more than 15 years amid weak demand in China.
Next, which has seen its share tumble more than 20% over the last three months of 2018, saw its stock soar more than 6% to 4,440 pence. Shares in Debenhams climbed 2.3% and Associated British Foods, which owns Primark, rose 1.25%.
Wall Street was expected to open sharply lower after Apple’s revenue warning.
Apple said consumers were not upgrading their iPhones and sales were slowing in China. Apple’s shares were down 7% in pre-market trading on Thursday.
David Madden, market analyst at CMC Markets, said: “The announcement from Apple triggered a decline in US index futures, and it hurt Asian equity markets too. In recent months there have been concerns that global growth is under threat, and the report from Apple adds weight to that argument.”
European and Asian suppliers of Apple slumped. UK-based chip maker Dialog Semiconductor, which is listed in Frankfurt, dropped more than 8%. STMicroelectronics slid 7% and BE Semiconductor dipped 3%.
Foxconn, the Taiwanese company that assembles Apple’s phones, slid 1.6%.
The Kopsi, South Korea’s benchmark index, fell 0.8% after rival Samsung Electronics dropped 1.9% and SK Hynix fell more than 4%.
China’s Shanghai was little changed and the Hang Seng in Hong Kong slipped 0.26%. The Nikkei in Japan was closed for a holiday.
