FTSE 100 Slips As Retail Sales Growth Moderates

U.K. stocks were slightly lower on Tuesday after data showed the pace of U.K. retail sales growth slowed in July.

Total retail sales grew 6.4 percent on a yearly basis in July while like-for-like sales were up 4.7 percent, the British Retail Consortium said.

The lifting of restrictions did not bring the anticipated in-store boost, with the wet weather leaving consumers reluctant to visit shopping destinations, Helen Dickinson, chief executive at BRC, said.

The benchmark FTSE 100 slipped 10 points, or 0.1 percent, to 7,122 after ending 0.1 percent higher on Monday.

Investment manager M&G fell about 2 percent after it swung to an IFRS loss after tax of £248m for the six months ended 30 June.

Travel and leisure stocks were losing ground as many countries see an increase in COVID-19 cases. International Consolidated Airlines Group shed half a percent, EasyJet gave up 0.9 percent and TUI AG fell over 1 percent.

Derwent London rose more than 2 percent. The company said that it has bought two properties in London’s West End for 214.6 million pounds ($297.1 million) and entered into a joint venture with Lazari Investments to buy three London properties.

Workspace provider IWG jumped 2.7 percent. After posting a bigger half-year loss, the company said it was cautiously optimistic about the rest of the fiscal year.

Flutter Entertainment soared 8.5 percent after the gambling firm beat profit estimates.

Market Analysis