The FTSE 100 lost ground today, with the index down 8.05 points at 7,106.61 shortly before the market close.
Markets globally reacted positively to suggestions that the US and China may be coming towards a deal to end their recent trade war.
However, looking at the week just gone, it appears that the FTSE 100 is beginning to climb back to the 7,200 plus levels seen over the past few months up until early October.
The Eurostoxx gained slightly after President Trump tweeted that talks were “moving along nicely” between the US and China and that he had had a “very good” phone discussion with Chinese counterpart Xi Jinping.
|Top 5 FTSE 100 risers||Percentage change|
Smurfit Kappa Group
Burberry is popular in China, leading to the markets reacting well to the apparent cooling of tensions between the US and China.
Standard Chartered, which has high Chinese exposure, also benefited from the news. Additionally, it continued to ride its positive third quarter results published on Wednesday, which showed net profit up five per cent compared to last year.
Paper packaging manufacturer Smurfit Kappa Group was up, having announced plans earlier this week to buy a major recycled containerboard producer in Serbia.
Markets reacted well to software company Sage’s appointment of its new chief executive, Steve Hare.
FTSE 250-listed Thomas Cook appears to be recovering from a difficult summer, when many chose to enjoy the heatwave at home rather than fly abroad, with announcements over the past few days of late checkout offerings, more own-brand hotels and even the option to book your own sunbed.
|Top 5 FTSE 100 losers||Percentage change|
|British American Tobacco||-2.36|
|Glaxo Smith Kline
There were no major falls today, however a number of utilities faced small drops. City Index analyst Fiona Cincotta said: “It is perhaps telling of the market mood that utilities, which are typically a safe haven purchase, are uniformly in decline.”
Imperial Brands appeared to fall because the market shifted away from traditionally defensive stocks.
Pharma giant Glaxo Smith Kline was down slightly, after announcing better than expected third quarter results earlier this week.
Diageo shares had a small fall, as it announced the departure of the managing director of its UK business.
Severn Trent appeared to suffer as the market looked away from safe utilities as global tensions cooled.
British Gas owner Centrica, which announced the appointment of industry veteran Charles Berry as new chairman this week, also faced a small drop.