The FTSE 100 slipped in the day’s trade amidst U.K.’s retail sales falling the most in three years. Mixed corporate earnings also weighed on sentiment.
According to the Confederation of British Industry’s latest report, monthly retail sales balance fell by 18 points to -50 in January, implying the fastest decline in retail sales volume since January 2021.
FTSE 100 oscillated between 7,540.21 and 7,508.80 as compared with the previous day’s closing level of 7,527.67.
The benchmark index of the London Stock Exchange is currently trading at 7,515.46, having slipped 0.16 percent on an overnight basis.
In the 100-scrip index, only 34 are trading in the overnight negative zone.
Intermediate Capital Group surged 4.9 percent, followed by Smurfit Kappa Group that rallied 2.7 percent. Mondi, Ashtead Group, Compass Group and BP, all added more than a percent.
St James’s Place plunged more than 6 percent. RS Group, Hikma Pharmaceuticals, Standard Chartered and Fresnillo are the scrips that erased more than 2 percent.
While the Dollar Index edged down 0.04 percent to 103.19, the GBP/USD pair increased 0.07 percent overnight to 1.2732. The sterling ranged between $1.2743 and $1.2703 in the day’s trade.
Bond yields in the U.K. hardened much more than its counterparts in Europe, jumping close to 2 percent to 4.0675 percent. The same was 3.989 percent a day earlier.
Market Analysis
FTSE 100 Slips Amidst Retail Sales Drop
2024-01-25 12:31:02
