ANL 13.55 Decreased By ▼ -0.79 (-5.51%)
ASC 13.32 Decreased By ▼ -0.63 (-4.52%)
ASL 14.02 Decreased By ▼ -1.08 (-7.15%)
BOP 8.36 Decreased By ▼ -0.16 (-1.88%)
BYCO 6.14 Decreased By ▼ -0.40 (-6.12%)
FCCL 17.61 Decreased By ▼ -1.19 (-6.33%)
FFBL 24.90 Decreased By ▼ -1.95 (-7.26%)
FFL 10.25 Decreased By ▼ -0.75 (-6.82%)
FNEL 9.80 Decreased By ▼ -0.71 (-6.76%)
GGGL 15.30 Decreased By ▼ -0.95 (-5.85%)
GGL 29.50 Decreased By ▼ -2.00 (-6.35%)
HUMNL 5.90 Decreased By ▼ -0.34 (-5.45%)
JSCL 16.00 Decreased By ▼ -0.89 (-5.27%)
KAPCO 32.05 Decreased By ▼ -1.05 (-3.17%)
KEL 3.17 Decreased By ▼ -0.10 (-3.06%)
MDTL 2.21 Decreased By ▼ -0.06 (-2.64%)
MLCF 34.39 Decreased By ▼ -2.71 (-7.3%)
NETSOL 95.50 Decreased By ▼ -7.30 (-7.1%)
PACE 4.25 Decreased By ▼ -0.43 (-9.19%)
PAEL 21.43 Decreased By ▼ -1.72 (-7.43%)
PIBTL 7.60 Decreased By ▼ -0.26 (-3.31%)
POWER 6.60 Decreased By ▼ -0.45 (-6.38%)
PRL 12.69 Decreased By ▼ -0.97 (-7.1%)
PTC 8.75 Decreased By ▼ -0.15 (-1.69%)
SILK 1.25 Decreased By ▼ -0.06 (-4.58%)
SNGP 38.68 Decreased By ▼ -3.02 (-7.24%)
TELE 15.88 Decreased By ▼ -1.11 (-6.53%)
TRG 81.73 Decreased By ▼ -6.02 (-6.86%)
UNITY 23.70 Decreased By ▼ -1.65 (-6.51%)
WTL 2.05 Decreased By ▼ -0.15 (-6.82%)
BR100 4,401 Decreased By ▼ -269.99 (-5.78%)
BR30 17,494 Decreased By ▼ -1340.29 (-7.12%)
KSE100 43,234 Decreased By ▼ -2134.99 (-4.71%)
KSE30 16,698 Decreased By ▼ -877.9 (-4.99%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,745
824hr
Pakistan Cases
1,285,631
37724hr
0.85% positivity
Sindh
476,017
Punjab
443,240
Balochistan
33,488
Islamabad
107,765
KPK
180,146
Markets

FTSE 100 slips as slowdown worries, inflation fears persist

  • AstraZeneca jumps on positive cancer drug trial results
  • Growth fears cause hefty drop in UK consumer confidence
  • Outsourcer Mitie Group gains on positive profit forecast
  • FTSE 100 down 0.4%, FTSE 250 off 0.9%
24 Sep 2021

London's FTSE 100 ended lower on Friday as concerns about a slowdown in global economic growth outweighed gains in healthcare and energy stocks.

The blue-chip FTSE 100 index eased 0.4%, but snapped its three-week losing streak. Retailers, industrial miners and life insurers were the top losers.

"Miners were weak as investors started worrying about the potential fall-out should Evergrande go bust. Commodities demand could tumble if the Chinese property market experiences a crash," said Russ Mould, investment director at AJ Bell.

Limiting further losses were healthcare stocks led by AstraZeneca, which jumped 2.0% after trials of its prostate cancer drug Lynparza showed positive results.

Energy, pharma stocks drag FTSE 100 lower; dismal service activity data

The index has gained nearly 1.3% this week, recording its best week since mid-August, with the healthcare and energy stocks leading the rally.

However, growing worries over energy bills, food costs and tax hikes prompted a hefty drop in British consumer confidence this month as people became more downbeat about the economic outlook.

"Persistent and rising inflation would suggest that central banks have to act soon to get the situation under control which means interest rate hikes sooner rather than later," Mould added.

UK's benchmark bond yields jumped to their highest since March 2020, signalling rising inflation pressures.

The FTSE 100 has gained nearly 9.5% so far this year on higher energy prices and accommodative central bank policies.

However, it has significantly underperformed a 17% rise in its European peers as worries over slowing economic growth coupled with higher inflation pressures weighed on investor sentiment.

The domestically focussed mid-cap index fell 0.9%, and marked its third weekly losses.

British outsourcer Mitie Group rose 2.0% after it raised its fiscal 2022 profit forecast.

Land Securities fell 1.4% after saying it sold two retail parks for 54.3 million pounds ($74.51 million) as part of a plan to exit its non-core businesses.

Petrofac gained 24.8% after the oilfield services provider reached a plea agreement with UK's fraud prosecutor relating to the investigation into the company's past dealings in the Middle East.

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.