U.K. stocks slipped into the red on Monday, as former chancellor Rishi Sunak closed in on becoming the new prime minister after the withdrawal of Boris Johnson from the Tory leadership race on Sunday night.
In economic releases, the economic activity in the U.K.’s private sector contracted at an accelerating pace in early October, a survey showed. The S&P Global/CIPS Composite PMI dropped to 47.2 from 49.8 in September.
The benchmark FTSE 100 was down 31 points, or half a percent, at 6,938 after closing 0.4 percent higher on Friday.
Frasers Group shares rose 0.6 percent. The retail group said it has recently increased its investment in Hugo Boss.
Helical, a property investment and development company, jumped 3.2 percent after saying it had completed four new lettings totaling 19,642 sq. ft.
Pearson, a publishing and education company, soared 6.6 percent. The company said its underlying sales grew 7 percent in both the third quarter as well as in the first nine months of fiscal 2022.
Market Analysis
FTSE 100 Slips Into Red With Leadership Contest In Focus
2022-10-24 09:36:23
