Tuesday 16 January 2018

FTSE falls for second day in a row

Sarah Stack

Sarah Stack

UK STOCKS retreated for a second day yesterday with the benchmark FTSE 100 Index falling the most in more than a month.

Marks & Spencer lost 1.1pc after reporting a drop in annual pre-tax profits and Vodafone fell to its lowest price since February 2013 after posting a decrease in quarterly revenue and forecasting a drop in earnings of as much as 11pc this year.

The FTSE 100 dropped 42.55 points, or 0.6pc, to 6,802, at the close of trading in London.

London Stock Exchange Group also announced it is in exclusive talks to buy Russell Investments, the Seattle-based indexing and fund-management unit of Northwestern Mutual Life Insurance to expand its FTSE International Ltd. business.

The Irish Stock Exchange barely budged during the day, closing in Dublin at 4766.99, down 9.62 points or just 0.20pc.

However, the leaders on the day soared, with Fastnet Oil and Gas up 8.8pc and C&C Group up 6.4pc after the drinks maker reported pre-tax profits of €116.2m.

Agri-services firm Origin Enterprises and exploration firm Petroceltic also rose slightly.

The main laggers in Dublin included Ormonde Mining, down 11.6pc, followed by exploration firm Aminex, mobile gaming provider Zamano and Kenmare Resources.

Aer Lingus fell 3.3pc to €1.40 after it reported that a planned strike by cabin crew was affecting bookings.

European stocks were also little changed, with the Stoxx 600 slipping less than 0.1pc to 338.32.

In the US stocks pared declines as a rally in Internet stocks and Home Depot offset losses in small-cap companies and other retailers.

The Standard & Poor's 500 Index slipped 0.1pc to 1,882.91 in New York and the Dow Jones Industrial Average fell 34.35 points, or 0.2pc, to 16,477.51.

Sarah Stack

Irish Independent

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