LONDON MARKETS: FTSE 100 Breaks 5-day Losing Run, But Trails Rest Of Europe
16 Novembre 2017 - 6:24PM
Dow Jones News
By Sara Sjolin, MarketWatch
GKN slumps after CEO designate ousted
U.K. stocks closed higher on Thursday, boosted by a round of
well-received corporate updates and as buyers stepped in to pick up
shares after a five-session losing streak.
On the economic docket, British retail sales fell less than
expected in October, helping lift the pound against both the euro
and dollar.
What markets are doing: The FTSE 100 index added 0.2% to end at
7,386.94, after ending at its lowest level since Sept. 28 on
Wednesday
(http://www.marketwatch.com/story/commodity-stocks-pull-ftse-100-toward-fifth-straight-decline-2017-11-15)
following five straight sessions of losses.
The pound bought $1.3197, up from $1.3170 late Wednesday in New
York. Against the euro, sterling strengthened to EUR1.1206 compared
with EUR1.1170 on Wednesday.
What's driving the markets: For the market overall, traders
ventured back into stocks after a five-day hiatus, which also
boosted stocks in Europe and the U.S.
However, the gain for the FTSE 100 was much smaller than those
seen across Europe, where the Stoxx Europe 600 index ended 0.8%
higher.
"Once again the FTSE had to sit at the sidelines and watch its
peers party, with the U.K. index missing out on the wider market
rebound," said Connor Campbell, financial analyst at Spreadex, in a
note.
"There were two main factors keeping the FTSE from joining in
with the day's gains: the pound and the commodity sector. The
former managed to find the positives -- of which there were few --
in the first annual retail sales decline since 2013, rising 0.2%
against the dollar and 0.5% against the euro as October's
month-on-month figure came in higher than forecast," he added.
The pound staged a turnaround to trade higher after the Office
for National Statistics said retail sales slipped 0.3% on the year
in October
(http://www.marketwatch.com/story/uk-retail-sales-rebound-beats-expectations-2017-11-16),
which was better than the 0.5% expected by economists, according to
FactSet. Month-on-month sales rose 0.3%, beating the 0.1%
forecast.
The report comes after data earlier this week showed the
unemployment rate remained at 4.3%
(http://www.marketwatch.com/story/uk-employment-drops-for-1st-time-in-2-years-2017-11-15)
and wages rose 2.2% in the three months through September, while
inflation stayed at a five-year high in October at 3%
(http://www.marketwatch.com/story/uk-inflation-stays-at-5-year-high-of-3-2017-11-14).
Stock movers: Shares of 3i Group PLC (III.LN) rose 2% after the
international investment manager it is on track to deliver another
strong year of growth in its private-equity portfolio.
British Land Co. PLC (BLND.LN) added 3.7% after the real-estate
company said it swung to a first-half profit.
Prudential PLC (PRU.LN) rose 1.1% as the insurer said it
continues to benefit from powerful demand drivers
(http://www.marketwatch.com/story/prudential-new-business-profit-rises-17-2017-11-16)
and its established platforms in Asia, the U.S., and the U.K. and
Europe.
On a downbeat note, shares of GKN PLC (GKN.LN) slid 4.8% after
the engineering group ousted its CEO designate Kevin Cummings amid
problems at the aerospace unit he ran.
Mediclinic International PLC (MDC.LN) lost 2.7% after the
private hospital company said it swung to a first-half pretax
loss.
Outside the FTSE 100, Royal Mail PLC (RMG.LN) moved 1.7% higher
after revenue rose in the first half
(http://www.marketwatch.com/story/royal-mail-profit-down-warns-on-letter-volume-2017-11-16).
(END) Dow Jones Newswires
November 16, 2017 12:09 ET (17:09 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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