FTSE 100 dips after strong week
The FTSE 100 struggled to keep its head above water and closed 13.35 points lower, or 0.17%, at 7,917.57.
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Your support makes all the difference.The UK’s top stock market index dipped on Monday, as investors retreated after hopes of interest rate cuts helped fuel a rally last week.
The FTSE 100 struggled to keep its head above water and closed 13.35 points lower, or 0.17%, at 7,917.57.
Share price gains for retailers including Kingfisher, B&M and Burberry, and energy giants BP and Shell, were offset by losses including for housing stocks Rightmove and Persimmon.
Investors were in damper spirits after a stronger end to the week for global markets, thanks to both the Bank of England and the Federal Reserve signalling that interest rate cuts could be on the way.
It was also a weak start to trading over in the US, with the S&P 500 moving 0.2% lower and the Dow Jones down 0.3% by the time European markets closed.
Meanwhile, in Frankfurt, the Dax closed 0.34% higher and France’s Cac 40 edged up 0.03%.
The pound also staged a recovery after dropping against the dollar and the euro last week.
It was up 0.3% against the US dollar at 1.264 and up about 0.1% against the euro at 1.1663.
In company news, Kingfisher was one of the biggest risers on the FTSE 100 on Monday even though it said its annual profits slumped by a quarter over the latest year.
The B&Q and Screwfix owner warned that profits could drop again over the 2024-25 financial year, to less than what was already pencilled in by analysts.
However, it is in the midst of turning around its struggling France division, and has been cutting costs across the group in recent years.
Shares in the firm were up 2.6% on Monday.
On the other hand, shares in Direct Line tumbled by more than a 10th after a potential bidder for the insurance giant pulled out of talks.
Ageas, a Belgium-based rival insurer, said on Friday evening it would not be making an offer for the company.
Direct Line had previously described the takeover approach as “opportunistic” and that it undervalued the business.
Investors reacted to the news on Monday and shares in Direct Line closed 11.3% lower.
The biggest risers on the FTSE 100 were Kingfisher, up 6p to 239.6p, St James’s Place, up 11.4p to 470p, B&M European, up 10.4p to 537.6p, Intermediate Capital, up 34p to 2,096p, and Marks & Spencer, up 3.6p to 254.1p.
The biggest fallers on the FTSE 100 were Spirax-Sarco, down 475p to 10,120p, Rightmove, down 21p to 550.2p, Ocado, down 15.7p to 452.6p, Croda, down 152p to 4,940p, and Auto Trader, down 20.2p to 742.2p.