👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

UPDATE 2-UK stocks end week largely unchanged on Brexit, coronavirus headwinds

Published 09/18/2020, 04:45 PM
Updated 09/19/2020, 12:20 AM
EMG
-
FTMC
-
FTNMX301010
-
FTNMX452010
-
FTNMX551030
-
FTNMX201030
-

* Britain's novel coronavirus cases surge
* UK retail sales rise in August
* Man Group gains on share buyback program
* Online supermarket Ocado best weekly performing blue-chip

(Adds details, updates to market close)
By Shashank Nayar and Ambar Warrick
Sept 18 (Reuters) - Consumer stocks weighed down London's
mid-cap index on Friday after a rise in new coronavirus cases
stoked fears of new lockdown measures, and the blue-chip index
was bogged down by major energy stocks.
The FTSE 250 index .FTMC shed 1% as the spectre of a
no-deal Brexit also loomed over markets, and the FTSE 100
.FTSE fell 0.7%. Both indexes marked lacklustre moves for the
week.
Online supermarket Ocado Group OCDO.L was the best weekly
performing bluechip stock. Security firm G4S Plc GFS.L was the
best performing mid-cap.
Britain's health minister said the novel coronavirus was
accelerating, with hospital admissions doubling every eight
days, but declined to say whether another national lockdown
would be imposed next month. "There is a glass half-empty, half-full situation right
now," said Roland Kaloyan, strategist at SocGen.
"On one end, we are seeing headline numbers like retail
sales improve, while on the other end the rise in coronavirus
cases and the uncertainty around Brexit are acting as an
overhang, leading to some risk aversion in markets."
Data on Friday showed British shoppers continued to increase
spending last month, particularly online. But with new curbs on social activity, most other consumer
sectors, especially the restaurant business, are expected to
remain under pressure as infections spread.
A raft of stimulus and optimism around a post-pandemic
recovery have helped the FTSE 100 bounce back from a
coronavirus-induced slump in March, but the index has lagged its
U.S. and European peers, with the domestic economy heading
towards its worst recession in 300 years.
Banks .FTNMX8350 were among the worst performing FTSE
sector this week after the Bank of England flagged a possible
shift to negative rates.
In company news, British hedge fund manager Man Group
EMG.L rose 4.1% after it said it would start a share buyback
programme of up to $100 million, with around 66 million shares
to be acquired.

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.