Retail Weakness Hampers FTSE 100

Weakness in the retail sector dragged down the FTSE 100 on Wednesday. One of the poorest performers of the day was Next, whose shares fell by 9.1 percent after the fashion store announced that while sales growth had increased, trading in the third quarter had been extremely volatile. The online Next Directory business had seen sales growth, and had offset falling sales on the high street, giving the company overall sales growth of 1.3 percent.

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shareprices.com - Thursday, November 02, 2017

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Overall, the FTSE 100 ended the day down by 5.12 points, as fellow retailers struggled following the update from Next. The UK high street staple M&S fell by 4.5 percent, while Primark owner ABF shed 2.1 percent, and chain Debenhams fell by four percent.

In other sectors, shares in Standard Chartered bank were down by six percent, after the company saw third quarter revenue growth of four percent, lower than expected.

Paddy Power Betfair was the biggest riser in the index, gaining 4.5 percent after reporting better than expected third-quarter revenues. The company made a small increase for its full-year earnings forecast. Overall, revenues for the three months leading up to the end of September increased by nine percent, up to 440 million, while underlying earnings are expected to be between 450 and 450 million.

Meanwhile, in the currency markets the pound shed 0.16 percent against the dollar, and is up by 0.05 percent against the euro, which will have offered a modest amount of support to the FTSE 100.

 

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