FTSE drops amid thin trading as Wall Street stocks slip
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London’s top markets slipped back on Monday as it was dragged back by a fresh sell-off of technology stocks in the US. Market sentiment was cautious throughout trading during a session largely devoid of major company or economic news. Retailers, including JD Sports and Next, were among the day’s weaker performers as analysts digested weak early footfall and retail sales data for the key Christmas period.
The FTSE 100 finished 28.77 points, or 0.35%, higher to end the day at 8,121.01. London’s top equity index had been making a gradual improvement through the session on Monday but saw this knocked off course after a weak Wall Street opening. Stateside, US stocks slipped to a one-week low as sparse trading volumes and rising treasury yields knocked sentiment.
In mainland Europe, the key markets slipped as they were also dampened by US pessimism. The Cac 40 ended 0.57% lower for the day and the Dax index was down 0.38%. Meanwhile, sterling’s recent rebound against the dollar took a step backwards. The pound was down 0.49% at 1.251 US dollars but up 0.04% at 1.205 euros.
In London’s equity markets, aerospace firms Rolls-Royce and Melrose saw shares step backwards amid the fallout of the South Korean plane crash that killed 179 people. Boeing, which makes the 737-800 aircraft operated by Jeju Air in the crash, saw shares slide in the US after trading opened, dragging other stocks in the sector with them.
