UK stocks sink after rocky start to 2024
The FTSE 100 moved 33.46 points lower on Friday, or 0.43%, to close at 7,689.61.
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Your support makes all the difference.The UK’s top share index has closed the week in the red, marking a bumpy start to the year after a strong end to 2023.
London’s FTSE 100 languished as new data from the US economy added more jobs than expected in December.
The health of the jobs market of the world’s biggest economy typically prompts traders to think about what it could mean for interest rates.
US stocks help lift their European counterparts at the end of the week as the US labour market continues to show signs of strength, even though the services sector softens
Any sign of greater resilience could make policymakers hold rates higher for longer.
The FTSE 100 moved 33.46 points lower on Friday, or 0.43%, to close at 7,689.61.
Axel Rudolph, senior market analyst for IG said: “Global stock indices end their multi-week long winning streaks as investors pare back their expectations regarding the speed and extent of this year’s anticipated rate cuts.
“US stocks help lift their European counterparts at the end of the week as the US labour market continues to show signs of strength, even though the services sector softens.”
In New York, the S&P 500 up 0.3% and Dow Jones was flat by the time European markets closed.
At the end of the day in Europe, Frankfurt’s Dax index fell 0.14%, while the Cac 40 in Paris had closed 0.4% lower.
The pound had a strong session, jumping by 0.5% against the US dollar to 1.2745, and up 0.3% to 1.1618.
The price of Brent crude oil was up by 1.8% to 79 US dollars per barrel.
In company news, shares in Revolution Bars dived by a fifth after the chain said it has decided to close eight sights across England which are not generating a profit.
Younger customers are still feeling the “disproportionate” effect of the cost-of-living crisis, boss Rob Pitcher said, while businesses will have to increase minimum wages for staff from April.
Shares in Revolution Bars closed 21% lower following the announcement.
Elsewhere, Endeavour Mining was the biggest faller on the FTSE 100 after saying its chief executive had been fired for “serious misconduct” relating to the sale of a company asset.
Sebastien de Montessus admitted to a “lapse of judgment” but denied misconduct. Investors were less than impressed with the news and the gold miner’s share price fell by 6.9% at close.
The biggest risers on the FTSE 100 were WPP, up 28p to 770.2p, Centrica, up 4.35p to 151.7p, Burberry, up 18.5p to 1,378p, Experian, up 41p to 3,092p, and ConvaTec, up 2.2p to 244.8p.
The biggest fallers on the FTSE 100 were Endeavour Mining, down 117p to 1,577p, IMI, down 56p to 1,556p, RS Group, down 27.2p to 796.4p, Ashtead, down 148p to 5,098p, and Mondi, down 38p to 1,499.5p.