LONDON MARKETS: FTSE 100 Wavers After Best Week In More Than A Year
February 19 2018 - 4:36AM
Dow Jones News
By Carla Mozee, MarketWatch
U.K.'s blue-chip stocks were looking for firm direction Monday
after last week's notably strong performance, with losses for
consumer-goods heavyweight Reckitt Benckiser Group PLC among the
names pressuring the London market's benchmark.
How markets are moving
The FTSE 100 was darting between small gains and losses. It
opened 0.1% higher, turned lower then rose again, by 0.1% to
7,303.09. Consumer-goods shares led declining sectors, while
financial stocks fared the best. The index last week last week it
gained 2.9%
(http://www.marketwatch.com/story/ftse-100-rises-on-track-to-break-weekly-losing-streak-2018-02-16),
the strongest week since December 2016, FactSet data showed.
"Caught between continuing Chinese New Year celebrations in the
east and President's Day in the west, European markets are likely
to be very quiet today, although early sentiment remains relatively
positive as the global rebound continues," said Rebecca O'Keeffe,
head of investment at Interactive Investor, in a Monday note.
Read:Which markets are closed on Presidents Day?
(http://www.marketwatch.com/story/which-markets-are-closed-on-presidents-day-2018-02-14)
The pound traded at $1.4015, down from $1.4033 late Friday in
New York.
The yield on the 10-year gilt rose 2 basis points to 1.59%,
according to Tradeweb. Yields rise when prices fall.
Check out: More investors looking to cut U.K. assets as Brexit
uncertainty persists
(http://www.marketwatch.com/story/more-investors-looking-to-cut-uk-assets-as-brexit-uncertainty-persists-2018-02-16)
What's moving markets
The U.K. market wobbled after rising three consecutive sessions
last week, taking part in a global rebound for equities, which
stemmed largely from Wall Street's meltdown earlier this month that
yanked the S&P 500 and other major benchmarks from record
highs.
But on Friday, Wall Street's rally
(http://www.marketwatch.com/story/dow-ready-to-hold-above-25000-as-us-stocks-line-up-best-week-more-than-a-year-2018-02-16)
"showed signs of running out of steam" as indexes finished well
below session highs," said Jasper Lawler, head of research at
London Capital Group, in a Monday note.
Stock movers
Reckitt Benckiser Group (RB.LN) dropped 3.2% as the maker of
Lysol, Clearasil and other consumer-goods products posted flat
like-for-like 2017 sales
(http://www.marketwatch.com/story/reckitt-benckiser-2017-profit-rises-on-weak-pound-2018-02-19),
although that was line with guidance that was revised downward over
the course of the year.
Mining stocks were lower after the U.S. government late Friday
said it's considering tariffs to curb imports of steel and aluminum
(http://www.marketwatch.com/story/trump-administration-weighs-tariffs-to-curb-steel-aluminum-imports-2018-02-16)
to protect national security. Among decliners, Fresnillo PLC
(FRES.LN) was off 1.3% and iron ore miner Rio Tinto PLC (RIO) shed
0.2%.
Advancers were topped by easyJet PLC (EZJ.LN) and International
Consolidated Airlines PLC (IAG.LN) , each up 1%.
(END) Dow Jones Newswires
February 19, 2018 04:21 ET (09:21 GMT)
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