FTSE Suffers Biggest Fall of April

The FTSE 100 suffered its biggest fall of the month on Friday, with engineer GKN being one of the poorest performers of the day.

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shareprices.com - Monday, April 20, 2015

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GKN

Concerns about future downgrades following GKN’s trading update, which is due on the 6th May, sent shares in the company sliding by 2.5 percent. The disappointing news about Airbus A330 production rates contributed to the decline, as did poor year-on-year comparisons for the company’s Driveline auto-parts business.

Airbus said in February that it planned to cut production of the A330 wide-body jet from next year. The company earns around three million from each A330 that it produces, so the production scaleback would cut its sales by £75 million, down to £100 million for 2016.

Overall, the FTSE 100 closed down by 0.9 percent, a fall of 65.82 points, down to 6,994.63, with weaknesses in global equities and in particular financial stocks weighing heavily on the business. The FTSE 100 ended the week down by a total of 1.3 percent. It is likely that the index will see muted trade over the next two weeks, as the UK’s General Election approaches. The uncertainty of the outcome of the election is something that is weighing heavily on investor’s minds. If a Conservative government is elected then this could bring about a referendum on membership of the European Union. If a Labour government is elected, then changes to the Right to Buy scheme could affect the housing sector, and both of these outcomes would have a major impact on the FTSE 100.

 

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