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FTSE slightly down in London trading M&S share rise fails to lift FTSE 100
(about 5 hours later)
London shares were slightly behind in midday trading on Friday. Marks and Spencer was one of the trading day's best performers after analysts at Barclays gave a thumbs-up to management's restructuring plans.
The FTSE 100 index of leading shares was down by a meagre eight points at 7,111. M&S shares rose 1.92%, taking the price to levels not seen since last year.
There was little corporate news to move share prices, though Reckitt Benckiser led the fallers and was down 1.7% after reporting flat first quarter sales. However, the FTSE 100 index ended 3.99 points off at 7,114.55.
Major winners included Babcock International, Marks and Spencer, Antofagasta, Aviva, and Mondi. Other fallers included Burberry and Unilever. There was little corporate news to move share prices, though Reckitt Benckiser closed down 0.9% after losing 1.7% earlier following its report of flat first quarter sales.
The pound was down 0.23% against the dollar at $1.2784. Against the euro the pound was down 0.03% at 1.1953 euros. Major winners included Babcock International and Antofagasta. Fallers included Anglo American and Johnson Matthey.
The FTSE 100's Friday fall left the index down 2.9% for the week.
"The FTSE has obviously had a terrible week - although corporate earnings have been somewhat of a mixed bag. The snap election, while providing medium term stability for Brexit negotiations, has created some short term market uncertainty," said Mark Ward, head of execution trading at Sanlam Securities.
Mid-caps also fell slightly, but small-caps maintained their outperformance on the day. They have gained 7.1% and 5.9% respectively this year.
"People have been reaching for the UK domestic stocks, but there's reasons to be quite cautious there still," said Eric Moore, head of Miton's UK Income fund.
"The UK consumer is still under the cosh. Consumption has held up quite well but it's supported by things that are unsustainable in the long run," he added.
The pound was down 0.30% against the dollar at $1.2777. Against the euro the pound was down 0.13% at 1.1942 euros.