{"id":120190,"date":"2021-08-20T16:11:56","date_gmt":"2021-08-20T16:11:56","guid":{"rendered":"https:\/\/fin2me.com\/?p=120190"},"modified":"2021-08-20T16:11:56","modified_gmt":"2021-08-20T16:11:56","slug":"consumer-staples-financials-lift-ftse-100-after-worst-week-since-february","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/consumer-staples-financials-lift-ftse-100-after-worst-week-since-february\/","title":{"rendered":"Consumer staples, financials lift FTSE 100 after worst week since February"},"content":{"rendered":"

(Reuters) -London\u2019s FTSE 100 ended higher on Friday, helped by gains in consumer staple stocks and financials, while a clutch of corporate updates helped investors look past a surprise drop in retail sales.<\/p>

FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS\/Toby Melville<\/figcaption>

After falling 0.4% in early trade, the blue-chip index rebounded to end 0.4% higher, but still recorded its worst week since February on concerns over slowing economic growth.<\/p>\n

Dollar-earning consumer staples stocks, including Unilever, British American Tobacco and Imperial Brands, gained between 0.6% and 2.5% on a weaker pound.<\/p>\n

Official data showed British retail sales volumes dropped by 2.5% in July from June, against expectations of a 0.4% rise.<\/p>\n

The blue-chip FTSE 100 has recovered nearly 28% from October 2020 lows to settle near its 7,100 level on support from easy central bank policies, but a recent slowdown in economic growth and rising virus cases have capped further gains.<\/p>\n

\u201cMarkets may struggle for direction until the latter part of next week given a dearth of corporate and economic updates with the Jackson Hole summit kicking off next Thursday,\u201d said Danni Hewson, financial analyst at AJ Bell.<\/p>\n

\u201cGiving central bankers and other economic decision makers a chance to outline their plans for the next phase of the pandemic recovery.\u201d<\/p>\n

Retail stocks were the top gainers, primarily led by strong gains in Marks & Spencer on robust earnings and Morrisons after it accepted a takeover deal.<\/p>\n

The domestically focussed mid-cap index rose 0.6%, but snapped its four-week winning streak.<\/p>\n

Marks and Spencer jumped 14.1% to the top of the mid-cap index after saying it expected its annual profit to be above forecasts.<\/p>\n

Supermarket chain Morrisons rose 4.2% after it agreed to a takeover offer from U.S. private equity group Clayton, Dubilier & Rice (CD&R).<\/p>\n

Drugmaker fell 0.1% after it said its newly acquired Alexion division was halting a late-stage trial of its treatment for a rare neurological disorder. However, positive test results from its antibody therapy to prevent COVID-19 helped to limit losses.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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