Wednesday, May 18

FTSE 100 slips as stronger pound, energy stocks weigh


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London’s FTSE 100 slipped on Thursday, on track to snap five straight weeks of gains, as energy stocks fell and a stronger pound hit shares of large dollar-earning companies, while retailer Dunelm gained following a positive trading update.

The blue-chip index fell 0.2%, with oil majors BP and Shell down 0.3% each on weaker crude prices.

Drugmakers AstraZenca and GlaxoSmithKline fell, while internationally focused Unilever, Diageo and British American Tobacco all eased more than 0.3% as sterling moved higher .

The domestically focused midcap FTSE 250 index was flat.

Dunelm rose 2% after its total sales jumped in the third quarter as the homeware retailer benefited from the reopening of stores.

Both the UK benchmark indexes were set for weekly fall as disappointing data and an escalating Russia-Ukraine crisis stoked concerns about economic outlook. (Reporting by Devik Jain in Bengaluru; Editing by Subhranshu Sahu)



financialpost.com