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UPDATE 2-FTSE 100 ends lower as miners, travel stocks weigh, though best week since early Jan

Published 04/09/2021, 04:11 PM
Updated 04/10/2021, 12:20 AM
© Reuters.

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* JD Sports rises on Berenberg PT raise
* PageGroup hits over 15-month high on positive profit
outlook
* Major travel firm Jet2 cancels holidays until late June
* FTSE 100 down 0.3%, FTSE 250 drops 0.1%

(Updates to close)
By Devik Jain and Shashank Nayar
April 9 (Reuters) - London's FTSE 100 ended lower on Friday
as heavyweight mining stocks tracked lower commodity prices,
although the blue-chip index recorded its best weekly
performance since early January on optimism about a recovery in
the UK economy.
The FTSE 100 .FTSE fell 0.3%, with British American
Tobacco dropping 2.5% - the top loser on the index - after J.P.
Morgan downgraded the stock to "neutral" from "overweight".
Travel stocks .FTNMX405010 fell 1.3% and were the second
biggest losers for the day after British travel company Jet2
JET2.L said it was cancelling holidays until late June,
blaming uncertainty in government plans for restarting
international travel, which were condemned by
airlines. "To book or not to book, that is the question - that seems
to have been answered today when it comes to a spot of summer
sun. 'Not yet,' wasn't quite what travel operators had been
hoping for and it's no surprise to find a number of them among
the biggest losers on the London markets," said Danni Hewson,
finance analyst at AJ Bell.
However, the losses were limited by a rise in consumer
discretionary stocks, with Britain's biggest sportswear retailer
JD Sports Fashion JD.L the top gainer on the FTSE 100, ending
4.3% higher after Berenberg raised its price target on the
stock.
The FTSE 100 index was up 2.7% on the week, its biggest
since the week ending Jan. 8. For the year so far, it has added
more than 7% following increased vaccine rollouts and government
support to lift the economy from a pandemic-driven recession.
"There is, to some extent, a bit of a breather today because
the FTSE 100 certainly has climbed to a level it's not seen
since the pandemic hit the UK," said Susannah Streeter, senior
investment and markets analyst at Hargreaves Lansdown.
In company news, Global recruitment firm PageGroup PAGE.L
jumped 10.9% to the top of the mid-cap index on a higher 2021
profit outlook.

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