FTSE dips as global markets dragged by Tuesday Wall Street woes
The FTSE 100 finished 28.86 points, or 0.35%, lower to end the day at 8,269.6.
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Your support makes all the difference.The UK financial markets dropped lower on Wednesday as the effects of a sell-off on Wall Street spread more widely globally.
London’s top index slid to its lowest level for three weeks as housebuilder and energy stocks were among the fallers.
This more than offset gains among aerospace firms, with Rolls-Royce clawing back more ground after it was knocked earlier this week by investor concerns over probes into potential engine faults.
The FTSE 100 finished 28.86 points, or 0.35%, lower to end the day at 8,269.6.
In Europe, sentiment started weak reflecting previous US trading, which particularly knocked tech stocks.
The Cac 40 in France ended 0.98% lower for the day and the Dax index was down 0.83% at the close.
Stateside, the markets rebounded from their heavy losses on Tuesday, despite weak US jobs data pointing towards a cooler hiring market.
Chris Beauchamp, chief market analyst at IG, said: “US markets have managed to eke out some small gains in early trading, but in London the risk-off mood persists.
“Growth fears continue to be the big driver of losses, with the small US rebound merely a period of calm before another leg lower, potentially around Friday’s payroll report.”
Meanwhile, sterling made gains as the dollar was impacted by the weaker US labour market data.
The pound was up 0.2% at 1.313 US dollars, and was down 0.09% at 1.185 euro.
In company news, Barratt finished in the red after the housebuilding giant reported a sharp fall in profit and home completions last year.
Profit plunged 57% to £385 million, while the builder confirmed its previously reported figure of 14,004 home completions for the year ending June 30. Turnover also slid by 22% for the year.
As a result, the company was down 4.6% to 496.3p for the day.
Direct Line shares stalled after the insurer announced lower-than-expected half-year profits.
On Wednesday, the firm said it shed 488,000 motor customers for the period after increasing the cost of cover by as much as 31%.
Shares in Direct Line finished down 2.4% at 188.5p.
Elsewhere, Chapel Down shares lost their sparkle after the English winemaker revealed a slump in half-year sales as well as the departure of its chief executive.
Andrew Carter revealed plans to quit the company next year, as it said a heavy drop in sales through shops dragged its revenues 11% lower.
Chapel Down shares were therefore 12.9% lower at 60.5p.
Segro finished 1.2% lower at 869.4p after the property developer struck a £552 million deal to buy rival Tritax EuroBox, swooping in after Brookfield Global Asset Management sought a deal for Tritax earlier in the summer.
The price of oil dropped to its lowest level since December last year amid reports that Opec+ could delay planned output increases.
A barrel of Brent crude oil was down by 0.53% to 72.91 US dollars (£58.15) as markets were closing in London.
The biggest risers on the FTSE 100 were Rolls-Royce, up 8.4p to 480.7p, Imperial Brands, up 36p to 2,229p, Vodafone, up 1.12p to 76.78p, Compass Group, up 30p to 2,435p, and British American Tobacco, up 34p to 2,901p.
The biggest fallers on the FTSE 100 were Airtel Africa, down 6p to 110p, Barratt Developments, down 23.7p to 496.3p, Burberry, down 29.6p to 623.2p, Ashtead, down 184p to 5,226p, and Persimmon, down 53.5p to 1,581p.