Get Premium Data for Cyber Monday: Up to 55% Off InvestingProCLAIM SALE

UPDATE 2-FTSE marks third straight day in the red

Published 01/23/2020, 12:45 AM
UPDATE 2-FTSE marks third straight day in the red
UK100
-
BATS
-
HSBA
-
BP
-
SHEL
-
TUI1n
-
BRBY
-
GSK
-
SGE
-
ANTO
-
FTMC
-
FTNMX402020
-
BKGH
-
TED
-

* FTSE 100 down 0.5%, FTSE 250 up 0.1%
* Multinationals biggest drag on main index
* Berkeley leads housebuilders higher
* TUI, Burberry also weigh down bluechips
* Ted Baker slides among smallcaps

(Adds company news items, updates share moves)
By Shashwat Awasthi and Muvija M
Jan 22 (Reuters) - London's FTSE 100 recorded its longest
losing streak since early December as a strengthening in
sterling triggered by strong manufacturing sentiment data
weighed on dollar earners, while travel group TUI slid on more
Boeing woes.
The main index .FTSE reversed earlier gains to decline
0.5% on its third consecutive day in the red.
Homebuilder Berkeley BKGH.L limited losses on the index,
jumping 5.4% to a record high after plans to return 450 million
pounds more to shareholders. An index of housebuilders
.FTNMX3720 scaled over a two-year high on the news.

The FTSE 250 .FTMC added 0.1%, buoyed by a stronger local
currency.
The pound scaling a five-week high against the euro came as
bets of a cut to the UK interest rate declined after the
Confederation of British Industry reported a pick-up in
manufacturers' sentiment. That dragged on bluechip exporters including GlaxoSmithKline
GSK.L , HSBC HSBA.L and British American Tobacco BATS.L .
A standout faller was TUI TUIT.L , whose London-listed
shares slipped nearly 6% to their lowest since September after
Boeing BA.N warned of further delay in returning its grounded
737 MAX airliner to service. The FTSE 100 missed out as world shares held firm after
Chinese authorities ramped up efforts to control the outbreak of
the coronavirus, which is being likened to the 2002-2003 spread
of Severe Acute Respiratory Syndrome (SARS) and has already led
to nine deaths.
Sage Group SGE.L outperformed the bourse with a 4% rise as
the software provider reported higher quarterly revenue and
affirmed its annual forecast. But Burberry BRBY.L slid 5% despite a solid performance
through the Christmas quarter. "The reminder of how closely the company's fortunes are tied
to China may have provoked some nervousness given the deadly
virus which is currently afflicting the country," AJ Bell
investment director Russ Mould said.
He also suggested that there could be a hint of
profit-taking, given the recent rally in shares.
Further driving the index lower was a dip in Shell RDSa.L
and BP BP.L as oil prices weakened, and miner Antofagasta
ANTO.L which fell 4.6% after its copper production was hit by
civil unrest in Chile.
Small-cap fashion retailer Ted Baker TED.L sank as much as
10% after it more than doubled its preliminary estimate of an
overstatement in inventory.
A combination of multiple profit warnings, subdued consumer
sentiment and a slew of management changes after allegations of
misconduct against founder Ray Kelvin had knocked more than 70%
off the stock's value last year.

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.