London markets plunge as retailers abandon this week’s gains

Thursday, January 13, 2022 6:00 PM

consumer confidence
The capital’s main FTSE 100 index fell 0.21 per cent to 7,535.99 points, while the domestically-focused FTSE 250 index, which better reflects the health of the UK economy, fell 0.25 per cent to 22,989. 07 points

London markets demanded marginal gains yesterday, despite retailers having to give up some gains during the week.

The capital’s main FTSE 100 index closed 0.16 per cent higher at 7,563.85, while the domestically-focused FTSE 250 index, which better reflects the health of the UK economy, fell 0.38 per cent to 22,958 ,48 points.

Britain’s largest retailers were in tears this week after a string of positive data revealed they had all posted robust, strong Christmas trading periods.

Fashion retailers Next and JD Sports were among the best performers on the FTSE 100 this week, driven by investors positive on trading updates.

Meanwhile, Sainbury’s reaped the benefits of consumers splashing on luxury foods before Christmas, pushing its shares up.

However, retailers weighed in on the capital’s key index yesterday. JD Sports was the worst performer at 6.41 percent, while Next lost 4.12 percent.

On the FTSE 250, Marks and Spencer was a downer, falling nearly eight percent, despite also joining the strong trade update action.

Russ Mould, investment director at AJ Bell, said: “Retailers seem to have done well so far despite Omicron, although brands like Marks and Spencer and the supermarkets are potential beneficiaries of the fact that, with Christmas parties cancelled, more of us were at home. entertained and treated ourselves to extras such as sparkling wine and fancy snacks.”

The pound continued to gain against the dollar, gaining 0.07 percent to buy $1.3737.

Leave a Comment