Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

LONDON MARKETS : FTSE 100 Ends Higher, Helped By Unilever's Leap And Pound's Drop

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/17/2017 | 06:01pm CEST

By Victor Reklaitis, MarketWatch

Sterling falls after disappointing U.K. retail sales

U.K. stocks closed higher Friday, as they got a boost from Unilever PLC's jump on deal news and the pound's drop following discouraging retail sales.

The FTSE 100 rose by 0.3% to end at 7,299.96, after trading in the red in morning action. The blue-chip benchmark scored a 0.6% gain for the week and finished just below a one-month closing high hit Wednesday.

Shares in consumer-products giant Unilever PLC (>> Unilever plc) (>> Unilever) (>> Unilever plc) soared 13%, powered by U.S. packaged-foods heavyweight Kraft Heinz Co. (>> Kraft Heinz Co) announcing that it made a merger proposal to Unilever that was declined.

The pound was trading at $1.2416, down from $1.2494 late Thursday, as traders reacted to a January report on U.K. retail sales (https://www.wsj.com/articles/uk-retail-sales-fall-again-in-january-1487329116). The report showed a month-over-month drop of 0.3%, missing forecasts for a rise.

The retail sales number was "really weak," showing British consumers are starting to feel the squeeze due to a pickup in inflation , said Naeem Aslam, chief market analyst at Think Markets UK, in a note.

"The net impact on the currency after the data was bad, and we have seen traders putting more short trades against the sterling-dollar pair," he added.

The FTSE 100 lifted off its session low as sterling slumped. A weaker pound often boosts the London benchmark as around 75% of FTSE companies' sales come from overseas in other currencies.

U.K. investors on Thursday also digested U.S. President Donald Trump's lengthy press conference on Thursday, in which he said he "inherited a mess" at home and abroad, and blasted the news media.

Other movers: Coca-Cola HBC AG's shares closed 4% higher for the FTSE 100's second-biggest gain. The stock built on Thursday's jump of 4.9%, which came after the bottling company said profit rose last year .

AstraZeneca PLC (>> AstraZeneca plc) (>> AstraZeneca plc) rose 1.6% after the drug company announced positive results from a trial of its breast cancer treatment Lynparza.

Asia-focused bank Standard Chartered PLC (>> Standard Chartered PLC) gave up 4.4% for the FTSE's largest loss.

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
08:58pDJMARKET SNAPSHOT : Dow, S&P 500 Try For 4th Straight Gain, Led By Bank Stocks
08:57p APOLLO MEDICAL HOLDINGS, INC. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)
08:56p GRAND VALLEY STATE UNIVERSITY : PIC announces study abroad scholarship recipients
08:56p SINN FÉIN : Kenny welcomes Taoiseach’s comments on wildfires
08:56p AMOREPACIFIC : Sonitrol Pacific and Secure Pacific Rank in the Top 100 Security Companies Nationwide
08:55p IIROC Trade Resumption - Cannabis Wheaton Income Corp.
08:55p OFN Opposes Administration’s FY 2018 Budget Proposal to Eliminate Funding for CDFI Fund Programs
08:54p Uber inadvertently underpaid New York City drivers for over two years
08:53p CANNABIS WHE : IIROC Trading Resumption - CBW
08:53pDJGlencore Makes Takeover Approach to Bunge -- 2nd Update
Latest news
Advertisement
Hot News 
14.24%Bunge jumps on report of possible Glencore takeover
5.44%Israeli billionaire buys control of Germany's Brack Capital Properties
-9.08%ALEXION PHARMACEUTICALS : Management Shakeup Continues as Four More Executives Exit
4.64%CRANSWICK : full-year profit grows on strong overseas demand
6.43%NOKIA OYJ : and Apple Move From Courtroom Foes to Business Partners
Most Read News
04:42a SOFTBANK : Indian digital payments firm Paytm launches niche bank
05/22 EXCLUSIVE : North American carmakers want rules of origin in NAFTA left untouched - Mexico lobby
05/22DJPETROLEO BRASILEIRO PETROBRAS : Petrobras Issues $4 Billion in Debt on International Markets
07:08a APPLE : India offers tax concessions to Apple to expand production - official
12:56aDJHoneywell to Decide on Aerospace Spinoff by the Fall
Most recommended articles
05/22 NOBLE : shares tumble after S&P ratings downgrade
02:53pDJGlencore Makes Takeover Approach to Bunge -- 2nd Update
02:41pDJMORGAN STANLEY : Joins Rivals in Curbing Broker Recruiting -- 2nd Update
02:35p Bunge jumps on report of possible Glencore takeover
02:32p Ryanair says wants to take Alitalia routes, not buy airline