FTSE 100 edges higher but retailers drop after weak December
The FTSE 100 moved 0.04%, or 2.84 points higher, to finish at 7,461.93.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The FTSE 100 stumbled to a marginal gain on Friday after downbeat economic data led to another weak session for shares in UK retailers.
The Office for National Statistics (ONS) said the volume of goods sold by retailers last month dropped at the fastest rate in three years as under-pressure families shifted part of their Christmas shop to earlier in the year.
Ocado, Marks & Spencer and Primark owner Associated British Foods all finished in the red as a result.
However, the weak retail sales data had caused improved sentiment elsewhere for traders, who took the slump in consumer demand as a sign that interest rate rises were having their desired effect.
The FTSE 100 moved 0.04%, or 2.84 points higher, to finish at 7,461.93.
In what has been a roller-coaster week European markets have tried to finish the week on the front foot, however, have struggled to build on the gains of yesterday and look set to post another negative week
Michael Hewson, chief market analyst at CMC Markets UK, said: “In what has been a roller-coaster week European markets have tried to finish the week on the front foot, however, have struggled to build on the gains of yesterday and look set to post another negative week.
“The FTSE 100 especially has had a poor start to the year, down over 3%, posting three weekly declines in succession, with retailers seeing most of the early year weakness.
“Today’s attempt at a rebound has been led by health care along with further gains for Flutter Entertainment after the positive response to Thursday’s numbers prompted a price target upgrade from Deutsche Bank.”
On the continent, the German Dax index was down 0.07% at the close and the Cac 40 closed down 0.4%.
In the US, the Nasdaq 100 jumped to another record high amid renewed positivity around tech stocks.
Meanwhile, sterling dipped as the slowdown in retail sales was taken as a sign interest rates could be reduced in order to help support spending in the near future.
The pound was down 0.27% at 1.267 US dollars and was 0.32% lower at 1.164 euros at market close in London.
In company news, Deliveroo dropped in value after the takeaway delivery specialist said total order volumes dipped last year.
Nevertheless, it told shareholders its yearly profit will be slightly higher than previous expectations due to an improvement in shares.
Deliveroo shares were down 8.3p to 126.5p at the end of trading.
Furniture seller DFS was higher at the close after it said it largely weathered a downturn in demand caused by a hot autumn.
Shareholders were positive about the update as a result, with shares finishing up 1.8p at 112.6p.
Wincanton shares surged 142.5p higher to 439.5p after the logistics giant agreed a takeover by French shipping specialist CMA CGM which valued the business at almost £567 million.
The price of oil finished the week marginally higher after another fairly subdued session despite continued tension in the Middle East.
Elsewhere, the price of a barrel of Brent crude oil was down by 0.1% to 79.07 US dollars (£62.40) as markets were closing in London.
The biggest risers on the FTSE 100 were JD Sports, up 3.7p to 111.95p, Flutter Entertainment, up 490p to 15,715p, Vodafone, up 1.73p to 67.64p, Pershing Square, up 74p to 3,606p, and SSE, up 27p to 1,763p.
The biggest fallers on the FTSE 100 were Ocado, down 19.6p to 551.8p, Entain, down 29.4p to 920.2p, Whitbread, down 79p to 3,556p, Marks & Spencer, down 4.6p to 249.4p, and Glencore, down 7.3p to 412.55p.