FTSE treads water as Germany’s top index hits fresh record
The London index moved 5.04 points higher, or 0.07%, to close at 7,630.02 on Thursday, after seeing stronger gains earlier in the day.
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Your support makes all the difference.The FSTE 100 struggled to hold on to gains on Thursday after a weak week for the UK’s top stock market index, while Germany’s Dax reached a new record.
The London index moved just 5.04 points higher, or 0.07%, to close at 7,630.02 on Thursday, after seeing stronger gains earlier in the day.
Haleon, the consumer healthcare spin-off of GSK which makes brands including Panadol and Advil, was among the biggest risers of the day with shares up by more than 6% after it reported higher sales, and said it had managed to make savings across the business.
But British Airways owner International Airlines Group (IAG) was among the stocks pulling on the FTSE 100 despite the company reporting its highest ever annual earnings.
The contrast with the Dax could not be more stark – UK data hasn’t been great, but German data has been dire, and yet the latter index has touched a new record high
Elsewhere in Europe, Germany’s Dax continued on its winning streak and touched a new record during the day, having made steady gains throughout the month.
It closed 0.44% higher while France’s Cac was down 0.34%.
In the US, the S&P 500 was up by 0.1% and the Dow Jones had slipped by about 0.2% by the time European markets closed.
The pound was down by 0.25% against the US dollar to 1.263, and up about 0.1% against the euro to 1.169.
Chris Beauchamp, chief market analyst at IG, said: “The morning session saw the FTSE 100 surge from a two-week low, but signs of weakness are returning in the afternoon session.
“The contrast with the Dax could not be more stark – UK data hasn’t been great, but German data has been dire, and yet the latter index has touched a new record high.”
In other company news, Sainsbury’s shares dropped 1.58% as the business announced plans to reduce its headcount by around 1,500 people.
Chief executive Simon Roberts said the company had to make “difficult but necessary decisions”.
Fellow retailer Ocado said it might take legal action against Marks & Spencer in a row over payments.
Ocado shares rose 4.22% while M&S shares were up 0.25%.
US-based GXO Logistics filed a more than £760 million bid for Wincanton, which could bring another deal to take a UK company private.
Shares in Wincanton rose 22.30% on the day.
The biggest risers on the FTSE 100 were Howden Joinery, up 54.4p to 827p, Haleon, up 17.5p to 331.45p, Ocado, up 20.7p to 511.4p, Croda, up 166p to 4766p, and Taylor Wimpey, up 4p to 137.85p.
The biggest fallers were Whitbread, down 158p to 3,303p, IAG, down 5.55p to 147.25p, Barclays, down 4.44p to 164.46p, Weir Group, down 43.5p to 1,833p, and Intercontinental Hotels Group, down 174p to 8,380p.