FTSE 100 close: London closes another disappointing week in the red
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London’s FTSE indexes slipped into the red, bringing to an end another disappointing week for UK equities.
The FTSE 100 closed up 0.30 per cent lower at 7,572.58 while the FTSE 250 index, which is more aligned with the health of the domestic economy, fell 0.21 per cent to 19,062.32.
“After a barrage of company announcements this week, it’s no wonder that markets have paused for breath on Friday. Investors have had so much to take in from a wealth of big names that they’re exhausted by the all the numbers,” says Russ Mould, investment director at AJ Bell.
“Despite all the M&A excitement and a decent showing from parts of Asia and the US, it wasn’t a great week overall for UK shares. The FTSE 100 has gone nowhere for the second week in a row,” Bell continued.
Shares in Tesco edged higher after Barclays confirmed that it was buying the supermarket’s retail banking arm for around £600m.
Barclays will acquire Tesco Bank’s 2,800 staff and form a 10-year partnership with the retailer to distribute credit cards, unsecured personal lending and deposits using its brand.
C.S. Venkatakrishnan, Barclays’ chief executive, said the deal was a “further demonstration of the investment we continue to make in our UK consumer business.”
Shares in Barclays meanwhile dipped 0.6 per cent.
On the FTSE 250, housebuilder Bellway saw a significant drop off in completions and revenue in the six months to the end of January.
In a six-month trading update issued today, the firm said it finished 4,092 homes in its interim period against 5,695 for the same period a year prior.
However, shares closed 1.4 per cent higher with the firm noting “encouraging levels of customer enquiries in the traditionally quieter winter trading period,” as mortgage rates had stabilised.
Air Astana meanwhile has bagged an $847m (£671m) valuation from investors as it gears up for a Valentine’s Day IPO that will be seen as a test of the health of London’s beleaguered listings market.
In an announcement to the market this morning, the Kazakh airline, which is half-owned by BAE Systems, said it would float at a price of $9.5 per share, giving the firm an implied valuation of $847m.