FTSE slides again despite strong gains for Barclays
The FTSE 100 moved 0.27%, or 21.06 points, lower to finish at 7,831.58.
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Your support makes all the difference.The FTSE 100 lost ground for the fourth consecutive session amid a “deluge of earnings” updates.
Drops by the oil majors helped to keep the index lower despite Barclays shares rising strongly on the back of a positive set of figures for the first quarter.
Gambling giants Flutter and Entain also dragged on the index as they closed lower after traders digested the multimillion pound hit from regulations in the Government’s new gambling white paper.
The FTSE 100 moved 0.27%, or 21.06 points, lower to finish at 7,831.58.
The FTSE 100 has lagged largely due to underperformance in energy, and weakness in BP and Shell
Michael Hewson, chief market analyst at CMC Markets, said: “Despite a deluge of earnings announcements that have been largely positive, European markets have struggled to gain traction today after the losses of yesterday, although we have seen some modest buying in some key areas with consumer staples and financials getting a lift from some solid company updates.
“The FTSE 100 has lagged largely due to underperformance in energy, and weakness in BP and Shell.”
Elsewhere in Europe, the other major markets were steadier as concerns over the continental banking sector continued to ease.
The Dax rose by 0.03% and the Cac 40 decreased by 0.23% at the close.
Across the Atlantic, the Dow Jones and S&P 500 improved despite US GDP growth slowing to 1.1% over the first quarter of the year.
Meanwhile, sterling benefited from the dip in the dollar as a result of the GDP update.
The pound was up 0.05% to 1.247 US dollars and rose by 0.29% to 1.132 euros at market close in London.
In company news, Barclays was one of London’s top performers after the banking firm reported a record-high profit for the first three months of the year as higher interest rates bolstered its income in the UK.
The firm said it made a pre-tax profit of £2.6 billion in the first quarter of the year, jumping well ahead of analysts’ expectations of a £2.2 billion profit, and 16% higher than this time last year.
Shares rose by 8.18p to 162.04p as a result.
Supermarket group Sainsbury’s lost value during the session on the back of falling annual profits as it took a hit from soaring costs.
The UK’s second largest grocery chain reported a 5% fall in underlying pre-tax profits to £690 million for the year to March 4 as it spent £560 million on price investment for shoppers.
Sainsbury’s shares were 9.8p lower at 274.1p at the close.
Unilever, the consumer giant behind Ben & Jerry’s and Hellman’s, was higher at the close as it benefited from hiking prices.
Shares in the company improved by 60p to 4,431.5p after it disclosed a 10.7% rise in pricing helped revenue growth surpass predictions.
BP and Shell closed lower on Thursday amid caution across the energy sector, despite crude prices rebounding.
Brent crude oil increased by 0.57% to 77.99 US dollars per barrel when the London markets closed.
The biggest risers on the FTSE 100 were Barclays, up 8.18p to 162.04p, Prudential, up 44.5p to 1,163p, BT, up 4.75p to 158.5p, Airtel Africa, up 2.7p to 117.4p, and Halma, up 46p to 2,271p.
The biggest fallers on the FTSE 100 were Legal & General, down 18.0p to 235p, WPP, down 40.8p to 916.2p, St James’s Place, down 46.0p to 1,193.5p, Ashtead, down 167.0p to 4,543p, and Sainsbury’s, down 9.8p to 274.1p.