Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

FTSE 100 dips as Burberry shares tumble, pound edges up

EditorRachael Rajan
Published 11/17/2023, 03:30 AM
Updated 11/17/2023, 03:30 AM

LONDON - The UK's FTSE 100 Index closed lower today, with a notable decline in several major companies. Burberry Group (OTC:BURBY) PLC experienced a significant drop, with shares plummeting by 11.15%. Other notable declines included Ocado (LON:OCDO) Group PLC, which saw a 6.17% fall in its stock value, DS Smith PLC with a 4.21% decrease, Smurfit Kappa Group PLC down by 3.92%, and International Distribution Services PLC, which fell by 3.84%.

Despite the overall downturn, some companies managed to buck the trend. Halma PLC stood out as the top performer within the index, registering a gain of 3.18%. National Grid (LON:NG) PLC and Pershing Square Holdings Ltd. also saw their shares climb, posting increases of 2.10% and 1.39%, respectively.

In the currency market, the pound sterling showed resilience amid the equity sell-off, managing to edge higher against major counterparts. It strengthened to $1.2420 against the US dollar and to €1.1447 against the euro.

The oil sector was not immune to the day's downward pressure, with Brent crude prices retreating by 4.4%. This decline in oil prices came alongside a fall in the yield on the UK's 10-year gilt, which dropped to 4.154%.

Other companies that found themselves on the positive side of the ledger included SSE (LON:SSE) PLC and RELX PLC, whose stocks rose by 1.14% and 0.96%, respectively.

Today's market movements reflect a mix of individual corporate performances and broader economic factors influencing investor sentiment across different sectors within the UK economy.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.