FTSE 100 fails to recapture record heights at end of steady week

 
Jasper Jolly
Follow Jasper
BRITAIN-EU-BREXIT-POLITICS
Source: Getty

Energy on London's blue-chip index dribbled out to end the week today as the FTSE 100 failed to regain the all-time record heights recorded last Thursday.

Shares on the FTSE 100 stayed flat overall over the course of the day, closing at 7,523.23 points, down just 12 points over the course of the week.

Shares were not helped by a slight rise in the value of the pound which greeted a more positive tone from Prime Minister Theresa May and her European counterparts on the prospects of avoiding a damaging breakdown in talks. The FTSE 100 usually gains when sterling falls, with a large proportion of dollar earnings.

Read more: Miners boost the FTSE as copper prices rise

Gold miner Fresnillo was the biggest faller: shares lost more than 3.5 per cent after broker Credit Suisse cut its rating and dramatically reduced its target price for the Mexican-headquartered firm.

Unilever shares continued their precipitous decline to their lowest point since the start of July after the consumer goods giant reported that sales were hit by hurricanes in Mexico and the Caribbean, making them undershoot analyst expectations.

London-listed banks led the FTSE, with Standard Chartered enjoying a three per cent increase thanks to "hopes for rising global yields and interest rates as well as the weaker pound", according to Neil Wilson, an analyst at ETX Capital.

Shares in Barclays bank, which also has significant international exposures, rose by more than 1.5 per cent, while HSBC gained almost 0.8 per cent.

Read more: The FTSE 100 just rocketed to a record high

Related articles