London stocks slip during cautious trading session as Croda weighs on FTSE
The FTSE 100 moved 0.49%, or 37.38 points, lower to finish at 7,562.36.
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Your support makes all the difference.London’s top markets finished the week with another decline during a largely forgettable trading session.
The FTSE 100 was flat early in trading but slipped amid continued caution from traders and the impact of a sharp drop in shares for chemicals giant Croda.
Elsewhere, mid-cap UK oil and energy firms, such as Harbour Energy, Serica and EnQuest, moved higher after the UK Government confirmed it will remove the windfall tax should the price of the commodities continue to fall.
The FTSE 100 moved 0.49%, or 37.38 points, lower to finish at 7,562.36.
The other major European markets saw slightly smaller losses but were once again shaky.
It’s been another quiet day for European markets at the end of a choppy but directionless week that has seen investors attempt to find the next big catalyst to drive the next move
Germany’s Dax index fell by 0.26% and the Cac 40 closed down 0.17%.
Michael Hewson, chief market analyst at IG, said: “It’s been another quiet day for European markets at the end of a choppy but directionless week that has seen investors attempt to find the next big catalyst to drive the next move.
“This may come next week when the Federal Reserve, European Central Bank and Bank of Japan all meet to mull their next rate decisions at a time when growth is weak or slowing, and prices remain sticky.
“The FTSE 100 has spent all this week trading either side of the 7,600 level, albeit with a slightly negative bias and on course for its third successive weekly decline.”
In the US, trading was mixed but the S&P 500 lifted to a 10-month high despite another increase in yields.
Meanwhile, sterling gained further ground against the dollar, amid continued speculation the Federal Reserve could pause its run of interest rate hikes.
The pound was up 0.15% to 1.257 US dollars and had gained 0.47% to 1.170 euros at market close in London.
In company news, Croda’s value dropped after the specialist chemicals firm issued a profit warning on Friday.
The company told shareholders it expects profits to come in between £370 million and £400 million due to a slump in consumer care sales after being destocked by a customer.
Croda shares were down 750p at 5,274p as a result.
Elsewhere, high street chain Shoe Zone said spring sales surpassed expectations after strong trade in recent weeks.
Sentiment was significantly higher despite the business pointing towards annual profits lower than last year’s levels.
Shares in the shoe retailer were up 22.5p at 232.5p at the close of play.
London-listed payments firm Network International closed 20.2p higher at 383p after Canadian investment firm Brookfield agreed to buy the business for about £2.2 billion.
The price of oil edged higher on Friday but was noticeably lower for the week after early gains from Saudi Arabia’s plans to cut production levels were mostly wiped out.
A barrel of Brent crude rose by 0.29% to 76.18 US dollars at the time markets were closing in London.
The biggest risers in the FTSE 100 were Ocado Group, up 20.1p at 386.6p, Whitbread, up 44p at 3,372p, Auto Trader, up 7.8p at 617.8p, Vodafone, up 0.73p at 74.88p, and Unite, up 7p at 923p.
The biggest fallers of the session were Croda, down 750p at 5,274p, Smurfit Kappa, down 92p at 2,890p, Beazley, down 17p at 578p, DS Smith, down 5.6p at 310.9p, and Experian, down 48p at 2,868p.