FTSE ends day with small fall as natural resources drag index lower
The index was up 7.72 points, or 0.1%, finishing Tuesday at 7410.04.
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Your support makes all the difference.The FTSE 100 treaded water for a second session in a row on Tuesday after some of the country’s biggest natural resource companies offset the strong results from the retail and housebuilding sector.
By the end of the day the index had gained 7.72 points, or 0.1%, finishing the day at 7410.04.
It followed an even more anaemic result from London’s top index on Monday, when the index gained a meagre 0.03 points.
Primark owner AB Foods was close to the top of the index after revealing that profit rose by more than a quarter to more than £1.3 billion in the year to September 16.
At the top of the index it was rubbing shoulders with fellow retailers Ocado, Frasers and Marks & Spencer.
“European markets have seen another muted and lacklustre session with the FTSE 100 treading water helped by resilience in the retail sector after a positive update from Primark owner Associated British Foods, and the latest Kantar survey that grocery price inflation slowed to its lowest level since July 2022, giving a boost to the retail sector,” said CMC Markets analyst Michael Hewson.
“The Primark owner announced a solid set of annual results as well as uprating its operating margin guidance for 2024, pushing the shares towards the top of the FTSE 100.”
But falling prices for energy and metals weighed on the natural resource sector. Mining giants Anglo America, Antofagasta and Glencore were all near the bottom of the FTSE, joined by Centrica, BP and Shell.
In Europe the Dax index was up 0.1%, while the Cac 40 dropped 0.4%.
New York’s S&P 500 was up 0.3%, and its neighbour the Dow Jones had gained 0.2% shortly after markets in Europe had closed.
In company news, the boss of Naked Wines stepped down as the company warned that its earnings and revenue targets would be missed. Shares plunged by nearly 33% after the news. The business said that revenue will fall between 12-16% this year, compared to previous guidance of a 8-12% fall.
Shares in Persimmon, the housebuilder, rose 6.4% as it reported a rise in demand last month. The company said that forward sales increased in the period since its half-year results from £1.4 billion to £1.6 billion.
The biggest risers on the FTSE 100 were Beazley, up 37.5p to 567.5p, AB Foods, up 144p to 2,250p, Ocado, up 20.2p to 550.2p, Frasers, up 24.5p to 833.5p, and Natwest Group, up 5.4p to 195.2p.
The biggest fallers on the FTSE 100 were Anglo American, down 78.5p to 2,139.5p, Antofagasta, down 46p to 1,303.5p, Endeavour Mining, down 42p to 1,692p, Glencore, down 10.4p to 431.6p, and Centrica, down 3.55p to 150.85p.