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  >  Markets

News : Markets

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

LONDON MARKETS : FTSE 100 Slips, As Stronger Pound Offsets Next Rally

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/03/2018 | 10:15am CEST

By Sara Sjolin, MarketWatch

U.K. construction PMI on deck at 9:30 a.m. in London

U.K. stocks swung between small gains and losses on Wednesday. The major London benchmark was being pulled one way by a rally for the retail sector after an upbeat trading update from Next PLC, and in the other by continuing gains for the pound.

What are markets doing: The FTSE 100 index slipped 0.1% to 7,642.50, adding to a 0.5% loss from Tuesday, the first trading session of the year.

The pound continued higher against the dollar, buying $1.3597, compared with $1.3589 late Tuesday in New York. Sterling is now trading around its highest level since late September, partly due to a broad-based dollar selloff.

What is driving the markets: Retailers helped stem losses for the FTSE on Wednesday after Next PLC (>> Next) said its pre-Christmas sales got a boost from the cold weather . The clothing and home goods company said online sales performed particularly well in the 54-day period to Dec. 24, jumping 13.6% on the year. Total sales for the period rose 1.5%.

The upbeat trading update also included a boost to Next's guidance. The retailer said it now expects to report pretax profit of GBP725 million ($983 million) for the year to January 2018 -- an improvement on its previous guidance of GBP717 million.

Next shares rallied 9.5%, topping the list of FTSE advancers.

However, the appreciating pound kept a lid on the optimism in London on Wednesday, weighing on the index's big multinationals. As around 75% of revenues for the index are made overseas, an appreciation in sterling hits profits when converted back into the U.K. currency.

Attention should turn later to the U.K. construction purchasing managers' index, due at 9:30 a.m. London time, or 4:30 a.m. Eastern Time.

Stock movers: Among retailers, shares of Marks & Spencer Group PLC (>> Marks & Spencer Group) (>> Marks & Spencer Group) added 2.6%, while Primark-parent Associated British Foods (>> Associated British Foods) (>> Associated British Foods) rose 2.7%.

Among pound-sensitive companies, shares of tobacco major Imperial Brands PLC (>> Imperial Brands PLC (ADR)) (>> Imperial Brands PLC (ADR)) fell 1.2%, consumer-goods giant Reckitt Benckiser Group (>> Reckitt Benckiser) (>> Reckitt Benckiser) lost 0.9%, and British American Tobacco PLC (>> British American Tobacco) (>> British American Tobacco) dropped 0.8%.

Outside the FTSE 100, Carillion PLC (>> Carillion) lost 3.2% after the construction company said it is being investigated by the Financial Conduct Authority in connection with the "timeliness and content of announcements" made by Carillion between December 2016 and July 2017.

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Markets"
11:34aMARKET SNAPSHOT : U.S. Stock Futures Search For A Catalyst As Earnings Stay In Focus
DJ
11:25aLONDON MARKETS : U.K. Stocks Climb To 10-week High, As Metals Prices Soar
DJ
11:22aEUROPE : Publicis and industrials lead the pack as earnings dominate European stocks trading
RE
11:14aMARKET SNAPSHOT : U.S. Stock Futures Search For A Catalyst As Earnings Stay In Focus
DJ
11:14aEUROPE MARKETS : European Stocks Edge Up As Earnings Reports Roll In
DJ
10:59aFTSE : Commodity stocks lift FTSE to 10-week high; pricing worries hit Unilever
RE
10:56aWALL STREET STOCK EXCHANGE : Oil at fresh highs on Saudi seeking price hike, U.S. stocks draw
RE
10:56aWALL STREET STOCK EXCHANGE : Oil at fresh highs on Saudi seeking price hike, U.S. stocks draw
RE
10:56aWALL STREET STOCK EXCHANGE : Oil at fresh highs on Saudi seeking price hike, U.S. stocks draw
RE
10:54aWALL STREET STOCK EXCHANGE : A Labour government would offer finance sector a seat at table - McDonnell
RE
Latest news "Markets"
Advertisement